Access Bank: CBN, Bankers’ Committee suspend lay-offs in banks

In view of the looming massive lay-offs in the banking industry, and the need to help minimize and mitigate the negative impact of the COVID19 pandemic on families and livelihoods, the Bankers’ Committee has agreed that no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

A special meeting of the Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

A statement signed by Mr Isaac Okorafor CBN’s Director, Corporate Communications on Sunday disclosed that 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:

“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. ”

As businesses worldwide take a hit from the COVID-19 pandemic, Nigerian banks are also feeling the impact.

Only last week, Access Bank informed employees that it will lay-off about 75 per cent of its workforce especially the contract staff.

The lender added that it will be implementing a reduced pay-structure, affecting all employees, including its Group Managing Director, Herbert Wigwe.

The reduction is expected to significantly reduce the Bank’s operating expense as it navigates through the uncertainties surrounding the global pandemic.

Since the pandemic, economic activities have been shot down firms confronted with the difficult decision to make necessary adjustments in terms of their cost structure to ensure that they come out of the pandemic stronger.

 

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Buy and read digital replicas of your TRIBUNE titles by subscribing through E-VENDING

Buhari Removes NEMA DG, Names Retired Air Vice Marshal As Replacement
​President Muhammadu Buhari has approved the appointment of Air Vice Marshal Muhammadu Alhaji Muhammed (retd) as the new Director-General of the National Emergency Management Agency (NEMA) to replace Mustapha Maihaja. Appointment of the new NEMA DG was announced on Saturday… Read full story

N1.224trn IMF Loan: Many More Nigerians To Lose Jobs •Further increase in VAT, excise rates looms •Tougher times ahead
WITH the Federal Government accessing $3.4 billion (N1.224 trillion) loan from the International Monetary Fund (IMF) at the weekend, there are signs that Nigerians may face tougher times in order for government to fully repay the money by the end of the 2025 stipulated time… Read full story

COVID-19: Ganduje Relaxes Lockdown For 12 Hours On Monday, Thursday
As part of efforts to ameliorate the hardship caused by the lockdown of the state, Kano State governor, Dr Abdullahi Ganduje has announced a 12-hour break on Monday and Thursday to allow residents stock-up food items and other essential commodities… Read full story

Olukoya Calls For Seven Days Prayers Against Pandemic
The General Overseer of Mountain of Fire and Miracles Ministries (MFM) Worldwide, Dr. Daniel Olukoya has called on all Christians and other men of faith to join in a seven-day prayer and fasting against the COVID-19 pandemic, its systems and repercussions… Read full story

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More