Banks’ sacking of more than 5 staff without CBN approval no longer allowed

Banks’ sacking of more than 5 staff without CBN approval, no longer allowed

The Central Bank of Nigeria (CBN), has barred the country’s commercial banks from sacking more than five staff without first obtaining its approval.

This was one of the resolutions reached at the Bankers Committee after its meeting on Friday.

The committee which made the disclosure in a circular signed by the director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all banks should send sample of contract letter issued to outsourced staff + SLA with the company being used to run outsourced staff.

“Banks should note and be guided by the CBN circular in respect of laying off staff that is more than five. This requires apex bank’s notification and approval going forward,” the circular said.

The Committee said the mass sacking in banks would be reduced in the shortest time possible.

It pointed out that while it was working on how to reduce the level of sacking in the sector, there would always be reasons people would have to be sacked from their workplaces, explaining that while the decision of sacking bank workers had elicited a lot of sentiments from both the public and private sectors of the economy.

Author: abokimallamfx