othermen:
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, and 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.

The same CBN that starts deduction of N50 stamp duty on savings account


Mtxhewww

It's well

Tpave:
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

you bliv dat shit?

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Better

Don't mind the heartless capitalists ..laying workers off for a problem that has not last for 4months.. what have they been doing with the bilions they have been making since..? The profits they retained could cater for exigency like this.. Let CBN reset their brains

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?

Shut up... So you know more than CBN now... distress ko distress ni

othermen:
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, and 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.

Lol At reasonable from CBN.

Now the praise goes to CBN.

But if it was a bad thing that happneded like CBN sanctioning the sack,

Then it would have been Buhari and Buhari's government.

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

How do you know banks are not making income? I'm sure you are not aware of the last quarter results of most bank... You are not smarter than CBN and the bank committee

If you believe this, you will believe anything. This is not the first time they are reaching this type of agreement. Ok, where will the staff of more than 300 branches Access bank intends to close work? From home. The banks will be doing their thing quietly. Don't just bank on that paper.

naptu2:


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

Good.... Great news!!


.

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?

Sorry to say but your low level of thinking is not of this world. You sure do need more education on the working and collaboration between banks and the CBN.

Tpave:
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

They can't circumvent that law for now. But there is a small window for them where it reads "unless it becomes absolutely necessary to retrench staff"

As if they were waiting for this pandemic before....

Spits profusely...

Na house I go dey put money now

Yuceeluv:
oga my sister is one...she resumes work tomorrow.

What if I tell you I'm in the system too.
If she's a marketer, the bank should not expect her to be going out because that will put all members of staff at that branch at risk.

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 you were a bank staff, would you type this thing you just type??

Part of Nigeria's problems is that most Nigerians are SELFISH!!. Just like you.

GREAT STEP.

THOSE BANKS HAVE GOTTEN USED TO SACKING STAFF ANYHOW.

THEY STILL MAKE MONEY UP TILL NOW THROUGH TRANSFER CHARGES AND OTHER CHARGES.

SO WHAT'S THEIR PROBLEM.

Access should better comply or else my money that I am still counting in hundred of thousands Naira will leave there organisation

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?

A bank may be a private institution. But its a regulated institution. So CBN can dictate their mode of operation within their jurisdiction to.

georgeiyke009:
I pity all of you rejoicing. It seems some of you went through high school and university, read economics and then when issues that require sound economic analysis arise, people brain go just enter Agbaya mode. The only way this will be feasible is:

1. CBN will cut the banks a lot of regulatory slack to make more money. This will be to the detriment of the larger economy and stifling funds the real sector, which is the only sector that will pull us out of the recession needs.

2. Direct bail out funds by the FG. Starving the real sector if needed funds.

3. Huge tax rebates. Again detrimental to the larger economy. The number of jobs it will keep is negligible to the damage this will cause.

4. They were mum on what the salary scale would be. Guess what, they will simply divide the total salary they would have paid had they sacked people by the total number of staff without sacking and adjust peoples salary grade. So effectively , the only way If 1-2 were not the case is a general downgrade in salary.

N:B There is never going to be a win win situation. Someone or something has to loose because of this decision. The question is hope the other side will not mind.

If a branch is shut for instance what happens to the staff in the affected branch? Re-absorbed or dropped?
.
.

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?

Oil dey your head.
I expected the CBN to say this and this are our plans to help the banks stay afloat. But the just gave a sweeping order.
Abeg naija don tire me

The Access guys are just very terrible people.
The MD donated N1b in his personal capacity to covid-19
His bank donated another N1b to the same covid-19 cause
Totalling N2b
Today you are asking thousands of people to take a walk,
What happens to the profit of 2019? Ok, let's assume you've shared it all to shareholders
How about the profit of Q1, 2020?
Is there not something known as retained earnings?

oluwasegun007:


All is well...

Please be strong.


Hopefully the new directive should reverse the lay-off

Please update us as soon as you guys get recalled.

Good luck

thanks

harbighsohlarh:

So sorry...please loosen up

thanks

Good news at least the best thing they have ever done

I think this is just false hope to calm nerves...laying off will still occur. The caveat I read, if it has to happen they should let CBN know about it...in essence nothing really has changed

naptu2:


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

Hello nairalanders, I have some questions regarding this post :

1:Do CBN have the right to tell banks not to lay off workers in order for them to survive in this hard time?

2: do they prefer they go bankrupt due to the heavy monthly salaries and bad economy , is that not worst for the economy?

3: Who leaked this CBN plan to Access bank that made them to quickly sack their staff before the circular was released and will the workers be called back to work?

4:What is CBN doing to support the banks in order to support them in paying this heavy monthly salaries?

naptu2:


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

Hello nairalanders, I have some questions regarding this post :

1:Do CBN have the right to tell banks not to lay off workers in order for them to survive in this hard time?

2: do they prefer they go bankrupt due to the heavy monthly salaries and bad economy , is that not worst for the economy?

3: Who leaked this CBN plan to Access bank that made them to quickly sack their staff before the circular was released and will the workers be called back to work?

4:What is CBN doing to support the banks in order to support them in paying this heavy monthly salaries?

sexylassie2:


reducing the labour force or unpaid leave is the only way to cut cost in this downturn

in this option reducing the labour cost is the only solutions

with what has happen, it means tax payers is going to pay to bailout banks, i hope you know they increase vat to 7%, imagine what more they will do to make the masses suffer so that they wont sack nobody in the bank

what several ways do you suggest to cut cost?

Well the ripple effect would be worst, it would take us deep into recession. I trust the judgement of Governor Emefiele and my beautiful sister from Niger state Aishah Ahmad. I have listened to this two personalities and I know they have the best interest of Nigerian at hand.They are things I would have love to write, but running an economy is like playing a game of chess,so it is better to keep quite.

sexiestharam:
Contract staff are not direct staff of the bank. They would sack contract staff.

........They said both full time and part time staff...check the memo again...

Yenefer:
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.

Ok

It makes sense only for non essential redundant and non performing staff. The staff responsible for the actual profit for the bank are not that many really. Those are the people that the bank need to really engage to agree on a reduction to accommodate other guys.

Else you the risk of :

1. High performers going to low performance mode, since non performance is rewarded. Guess what happens when virtually everyone decides to be low performing?

2. In a period of recession, for organisations to succeed, their top high performers and key staff need to up their game even way higher. Those are the guys you now want to cut their salaries. Guess again what happens to the company.

There is a reason socialism has never really worked. Perfect socialism penalized producers or top performers to reward those who do not produce. It's better to retrench non performing and redundant staff. The banks in turn perform way better to be able to support the real sector in this recession. Then businesses that can absorb these guys will spring up , supported by the lean and efficient banking system. Either way, technology will make most jobs in the banking sector redundant by 2021.

idtwo:

Isn't it obvious to you, Mr Economics, that wage reduction across board is better for the society than sacking some people at this time. Each worker in this country has a minimum of four dependants, can you see the spiral effect?