Good news: Banks shelve retrenchment cycle, for now


The Chief executives of the banks in Nigeria  have agreed to suspend the plan mass sack of workers at the end of Bankers Committee meeting Thursday in Abuja.

The Banks’ chiefs said they decided to minimise the mass sack of the workers in the sectors despite the challenges facing the economy but they will continue to sack those workers that are found wanting in the system.

Addressing newsmen at the end of the meeting, the Managing Director/CEO of Standard Chartered, Nigeria,  Mrs Bola Adesola, said  obviously the banks understand the implication of people not being in employment, “we know what the situation is like in the country, so we are looking for the ways  of ensuring that we minimise any exit from our institutions.”

The mass sack plans announced by Ecobank and Syke Bank have attracted serious reactions from both the federal government and the labour unions.

The minister of labour and productivity, Chris Ngige, threatened to revoke license of any bank that continue with the mass sack of workers early this week.

“There will always be exit as you know,  there are issues of fraud and scam. But as a matter of fact it is something that we discussed in the past where the governor prevailed on the banks to minimise any exit from the institutions


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