CBN, Bankers’ Committee Suspend Lay-offs in Banks

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:

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.

The Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.

Isaac Okorafor
Director, Corporate Communications

https://www.cbn.gov.ng/Out/2020/CCD/CBN%20Bankers%20Comm%20Suspend%20Layoffs.pdf

Wow that's Good

1) Nigerians are happy
Emeka Iluchukwu, visual artist:


Media caption"People are so ecstatic. An average Nigerian is a lively person, always smiling in the midst of all the troubles"
Okocha Jude, businessman:


Media caption"We are happy people, no matter what we are facing"
2) Nigeria is a land of opportunities
Vanessa Iloenyosi, brand executive:


Media caption"If you know the right people it’s really easy to make things happen for yourself"
Abayomi Usim, TV producer:


"For us there’s no recession in Nigeria, no matter how bad things get we’re still going in leaps and bounds"

3) Nigerians are resilient
Alesta Wilcox, chartered accountant:


Media caption"People are resilient in eking out a living - the never die spirit of the Nigerian is the one thing that makes Nigeria great"
Paul Oseh, graphic designer:

"The greatest thing I think about we Nigerians is that we are wonderful people. We are so resourceful despite challenges that comes our way and the political tussle for power. In one nutshell Nigeria is a wonderful place, we're creative and imaginative"

4) Nigerians are problem-solvers
Damian Nzeka, teacher:

"It's not really a peaceful country but we bless the name of God because we're still here today. When we are positive with our minds we work something good out. We want things to go well for us, we can't run away from our home; this is our land we have to make it work"
Donatus Ezeji, IT

"We are special because if you look at Nigeria - each time we have problem, we usually solve it at the last minute - we have been avoiding crisis. When we get to that point, we always sort it out - instead of going to war or something like that"
5) Nigeria is diverse
Iluore Loueth, fashion designer:


"You get to feel different things in different locations... you’re changing culturally in the dressing and the food and everything"
6) Nigerians are hard workers
Orji Micah, builder:

"The Nigerian people are industrious, they work hard, they're not lazy - and they can endure whatsoever hardship, they can survive it any place"
Damula Daramola, banker:


"As Nigerians we’re actually very, very enterprising"
7) Nigeria has great weather
Moses Onyibe, mobile phone trader:

"The weather of the country is better compared to other countries and we have the biggest river - the River Niger - in West Africa region - so I enjoy my country basically because of the environment - it's very conducive"
Chinedu Ugochukwu, businessman:

"The weather is beautiful all year round and this is just the beginning of good things to come... the people are friendly, very welcoming. You can't beat it, it's a lovely dynamic country, every day new things are coming up, new ideas, [and Lagos] it's a city that never sleeps"

Nigeria has freedom of speech
Akpofure Tony Tegar, hotelier:


Media caption"Democracy it's one of the best things about Nigeria... freedom to do anything you like"
Stanley Osiaku, trader:

"You are free to talk to anybody - no matter how big or small the person is. We have freedom of speech to have a dialogue with somebody. Or if somebody offends you, you are free to say it out"
9) Nigerians have a great sense of humour
Chukwuma Nwana, beauty salon general manager:


"Everything turns into a joke in Nigeria - there’s always something funny at the end of the day"

10) Nigeria is hospitable
Sarah Okagbue, trainer:


Media caption"The most hospitable people in the world; extremely kind, loving, tolerant, patient"
Uche Nzeka, broadcaster:


"There is nowhere in Nigeria that you will go that you will not be given a place"
Join the debate on Twitter using the hashtag #NaijaIsGr8 to @BBCAfrica and on the BBC Africa Facebook page.

Wow. This is a good way to go. Let's see how banks will abide by these rules first.

That man signature no be here ooo

I need explanation, are the CBN and bankers committee now doing the work of managing the bank which I thought were business establishments capable of making and enforcing their own decisions as they deem fit in order to remain in business.

Why then are the CBN interfering with the decision, if these banks experience distress because of the insistence the regulatory bodies, who will bear the consequences?

Nice one from CBN

Very reasonable. We will remember those who stood by us and those who didn't. Mr Wigwe could give one or two billion naira for publicity, then throw under the bus those who have given their lives to the realisation of his dream. In saner climes, government provided palliatives to businesses so they can float, but here, folks are just extremely about themselves; not providing such palliatives to the people, or even their employee but to the government, a government we all know don't care and then what do you do afterwards? Take away the livelihood of thousands of your employees in a period they cannot possibly get another employment or find another means of survival. But glad the government could show this time they care, about us and our survival. Again, very reasonable from the CBN. Pls continue down this path.

SLAP44:
Hmmmm

What do u mean by hmmmm? majority of bankers are your people better type something good

What about reabsorbing the sacked ones?

Hope CBN is ready to give the bailout funds as I don't want Covid-19 bank charges to start dropping oo o.

You say make dem donate, them do. Make dem no sack, dem do.
No be customer remain to deal with if no bailout or fold up?

Good

Yenefer:
What do u mean by hmmmm? majority of bankers are your people better type something good

Read my post again.

SLAP44:
I need explanation, are the CBN and bankers committee now doing the work of managing the bank which I thought were business establishments capable of making and enforcing their own decisions as they deem fit in order to remain in business.

Why then are the CBN interfering with the decision, if these banks express distress because of the insistence the regulatory bodies, who will bear the consequences?

Question, what is the bankers committee?

Good news, provided it's not audio.

Very correct guy

SLAP44:
I need explanation, are the CBN and bankers committee now doing the work of managing the bank which I thought were business establishments capable of making and enforcing their own decisions as they deem fit in order to remain in business.

Why then are the CBN interfering with the decision, if these banks experience distress because of the insistence the regulatory bodies, who will bear the consequences?

This is good news. This must come with added pressure on the marketing staff of the banks.

Hmmmmm,,finally hope dey for the access folks

Yuceeluv:
This is good news. This must come with added pressure on the marketing staff of the banks.

How you wan take market when there's Covid all around..you must be jokinh

SLAP44:
I need explanation, are the CBN and bankers committee now doing the work of managing the bank which I thought were business establishments capable of making and enforcing their own decisions as they deem fit in order to remain in business.

Why then are the CBN interfering with the decision, if these banks experience distress because of the insistence the regulatory bodies, who will bear the consequences?

If CBN should order the banks not to lay off, that means there is an incentive involved..It's scratch my back I scratch yours. What I see most banks doing is to pay percentage salary.

How enforceable is this policy issued to banks Viz-a-Viz labor law and the employment contracts between the banks and their staff

This is commendable

Meanwhile

Movie lovers can get Hd movies into their Hard drive if the stay in Port Harcourt,check my signature

Hope it will be implemented to the full as some of these bank executives behave as if they are above the law. Those who were already sacked should be absorbed asap.

Wise decision. If not, Nigerians would have start panicking thereby withdrawing their money in multitude. If I may ask, will it return those sacked staffs back?

Yenefer:
What do u mean by hmmmm? majority of bankers are your people better type something good

Suspension of what will eventually come is like giving those staff false hope.

The only option here is that salary will be cut down and to me, it's still a good way to go. Half bread is better than none.

Note: The Banker's Committee is made up of the chief executives of all banks in Nigeria along with the directors of the CBN. This means that the CEOs of banks in Nigeria have agreed to this policy. They've most likely already gotten something out of it.

Will it go beyond audio suspension?

They did not bring solution. If banks are not making income how will they pay salaries?

SLAP44:
I need explanation, are the CBN and bankers committee now doing the work of managing the bank which I thought were business establishments capable of making and enforcing their own decisions as they deem fit in order to remain in business.

Why then are the CBN interfering with the decision, if these banks experience distress because of the insistence the regulatory bodies, who will bear the consequences?

Go back to the streets and continue your Agbero work.

This is the worst time to lay off staff. After staying at home for 5 week, you resume by getting sacked. Where will these people get new jobs from when everyone is affected? It's better to temporarily review salaries than totally letting them go.

Nice one. This is really good. Family some heart in the corporate world.