Eight Banks sacked 3,754 staff in 2020

April 4, 2021

Despite the Central Bank of Nigeria warning to banks on staff lay-off, eight lenders in the country sacked at least 3,754 workers last year, Ripples Nigeria reports.

The CBN had in May last year warned banks against the sack of employees as speculation of mass retrenchment in the sector made the round following the onset of the COVID-19 pandemic in the country.

In a statement titled: “CBN, Bankers’ Committee Suspend Staff Lay-Offs in Banks,” the bank ordered the immediate suspension of such plans.

It read: “A special meeting of the Bankers’ Committee 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:

“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).

However, the total number of staff among the banks surveyed dropped by 7.31 percent from 51,350 in 2019 to 47,596 in 2020.

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