Marked Bankers Reprieved As CEOs Defer Lay-Offs

Banks proposing to lay off staff on account of pressures brought on by the COVID-19 pandemic have resolved to put the plans on hold it emerged at the weekend.

The resolution was agreed to by the Bankers’ Committee, a forum of bank CEOs and the Central Bank where it was agreed not to further worsen the country’s unemployment situation through lay-offs.

A statement issued by the CBN’s director of corporate communications Isaac Okorafor on the resolution said:
“The Bankers’ Committee has resolved to put off plans by the banks in the country to 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.”

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