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The Central Bank of Nigeria CBN has announced the suspension of lay-offs of workers at various banks across the nation.
In a statement signed by the Director, Corporate Communications, Isaac Okorafor and obtained by Meridian Spy on Sunday, the decision was reached after a special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the coronavirus pandemic on the Nigerian banking industry.
The CBN stated that ‘in order to help minimize and mitigate the negative impact of the COVID19 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)’. Adding that if it becomes necessary to lay-off any such staff, it must be at the express approval of the apex bank.
According to Okorafor, the decision followed the Committee’s deliberation on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.
The statement reads: “A special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows:
“1. In order to help minimize and mitigate the negative impact of the COVID19 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).
“2. 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,” it concluded.
There had been reports of plans by some commercial banks to downsize its workforce to minimise the impact of COVID-19 on their operations.
Daily Times reported on Friday that the Group Managing Director of Access Bank, Herbert Wigwe said that the bank may sack some of its staff due the COVID-19 pandemic that has ravage the world.
The GMD, Wigwe, speaking during a video conference with some of the bank’s staff said : “We probably don’t need as many securitymen as required, even to the fact that we are not going to have all our branches open between now and December. We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etcetera, etcetera.
“The second has to do with our professional cost. Now that is one that is very tricky and it is tricky because I do understand and appreciate that its gonna, you know, bring its own pain to staff. We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost.
“I will be the first to take the hit and I’m gonna take the largest pay cut, which would be as much as 40 percent. The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”
Similarly, a cashier at a Lagos branch of Access Bank, who lost his job on Thursday, shared his ordeal with Sahara Reporters.
It also gathered that many of the bank’s staff received their sack letters via email on Thursday with shock and grief.
However it remains to be seen the effect of the CBN directives on the banks.
