CBN ORDERS ACCESS BANK TO SUSPEND RETRENCHMENT OF STAFF OVER COVID – 19 IMPACT

245
views


The Central Bank of Nigeria (CBN) has ordered Access bank Nigeria and other financial institutions to suspend lay-offs and recall already sacked workers.


Access Bank Nigeria had notified staff, especially the non – essential workers of planned massive lay-off which would affect about 70% of the bank’s workforce.


However, the CBN in a swift reaction reversed the decision to sack the bank workers.


According to the Director, Corporate Communications of the apex bank; Isaac Okorafor, 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.


He said 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 that no bank in Nigeria should retrench or lay-off any staff of any cadre (including full-time and part-time) except with the express approval of the Central Bank of Nigeria.


Meanwhile, Access Bank has urged its customers and the general public to disregard a social media report alleging  the shutting down of 340 of its branches nationwide.


The bank’s  Media Relations Officer, Mr Abdul Imoyo, said the report was false and misleading, explaining that branches were only closed at the onset of the COVID-19 lockdown and would be reopened in a phased approach and with adherence to physical distancing guidelines.

Share this news to: