CBN Orders Banks To Suspend Lay-off After Alleged Mass Sacking At Access Bank

The Central Bank of Nigeria (CBN) has ordered banks to suspend any downsizing plan days after Access Bank reportedly sacked some of their workers.

According to a statement seen by Allnews, CBN stated that both full-time and part-time employees are not to be sacked.

The decision was made following a meeting by the Bankers’ Committee on May 2, 2020. The committee had met to deliberate on the impact of COVID-19 on the Nigerian banking industry after the virus disrupted the industry’s business operation.

Allnews had reported that the negative impact of Coronavirus on the banking sector had led to Access Bank’s Chief Executive Officer, Herbert Wigwe, declaring that some of the tellers and other non-essential workers at the bank might be laid off as it begins to adopt cost-saving measure.

Several workers of Access Bank had lost their jobs on May 2 according to Sahara Reporters, leading to the collapse of a staff who was pregnant at the time she received her sack letter. The termination letter was sent to the affected workers via email.

But in order to cushion the impact of COVID-19  on workers' families and livelihoods, the resolution from the meeting of the banking committee instructed banks to suspend lay-off of its employees.

"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)."

In the statement signed by Director, Corporate Communications of CBN, Isaac Okorafor, the Apex bank said CBN will only approve such downsizing of workforce when the measure is necessary, "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."