The Central Bank of Nigeria (CBN) has ordered all banks not to retrench
workers.
A statement from the apex bank signed by Mr. Isaac Okorafor Director,
Corporate Communications said the CBN, Bankers’ Committee decided to suspend
lay-offs in banks.
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.
Following the backlash that greeted the video, the CBN on Sunday stated:
“In order to help minimise 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).”
This decision the CBN said was taken “following special meeting of the
Bankers’ Committee on May 2, 2020, to further review the implications of the
COVID-19 pandemic on the Nigerian banking industry.”
The Committee, the CBN noted “deliberated on the issue of the operating
costs of banks in view of the disruptions emanating from the global economic
difficulties.”
At the end of the deliberations, it was also decided that “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.”