Home Economy BREAKING: CBN moves to prevent banks from sacking employees

BREAKING: CBN moves to prevent banks from sacking employees

by Ayodeji Onibalusi
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The Central Bank of Nigeria (CBN) has made moves to stop the banking industry from sending the majority of their employees back into the labour market, OYOGist.com reports.

The financial sector of the country was thrown into uncertainty after the Group, MD of Access Bank PLC, Herbert Wigwe, during a leaked employee town hall meeting, announced the Bank’s decision to retrench as much as 75% of its workforce.


Wigwe said the affected employees are mostly redundant as most of their branches would be closed to customers until December due to the COVID-19 crisis.

However, this decision did not sit well with most Nigerians, where most have called out the bank for only recently contributing 1 billion naira (2.7 million USD) to the COVID-19 prevention funds of the government.

In reacting to the planned layoffs of workers looming in the finance industry, the CBN, who is the regulatory body of the industry, under the Bankers’ Committee announced a suspension of the planned “lay-offs” in the banking industry.

The Central Bank made this announcement on Sunday, 3rd of May, 2020, 4 days after the Access Bank employee town hall meeting video was leaked to the media.

The decision of the country’s banking regulator was communicated through a press release that was signed by Isaac Okorafor, the Director, Corporate Communications of the Central Bank of Nigeria.

See a copy of the release below:


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