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CBN, Bankers’ committee ask banks not to lay-off any staff

The Central Bank of Nigeria (CBN) and the Bankers’ Committee have ordered all banks in the country not to retrench or lay-off any staff of any cadre (either full-time or part-time).

Isaac Okorafor, CBN Director, Corporate Communications, in a statement on Sunday evening, said a meeting of the Bankers’ Committee was convened to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

According to the statement, the committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

The statement reads: “The committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

“In order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

“To give effect to the above measure, the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay-off any such staff.

“The Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.”

Access Bank has been trending in the media after an alleged video of a town hall meeting between the Managing Director of the bank Herbert Wigwe and the staff.

In the video, Wigwe was heard informing staff of the bank that some contract staff of the bank will be laid off while other staff will have their salaries cut.

Muhammad A. Aliyu

Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior editor at Okay Nigeria.
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