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Check out the strict rules preventing Access Bank from Laying-off Staffs

Few weeks ago, many had rumored in all social media all round the internet that Access bank of Nigeria would be laying off many of its staff in hundreds of thousands but that seems to be false. The Bankers’ Committee had a meeting which was convened on May 2, 2020 held to review the implications of the recent happenings on the Nigerian banking industry. 

The Committee had the meeting to deliberate on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties. The committee concluded to suspend the laying off of staffs which means banks like Access bank already planning to lay off staffs would not be able to go through with it as they have to adhere strictly to the authorities of the Central Bank of Nigeria. Therefore no bank in Nigeria shall retrench or lay-off any staff of any cadre.

It also means that before any laying off is done in the future, the approval of the Central Bank of Nigeria shall be required in any event that it becomes absolutely necessary to lay-off any such staff. 

This Information was given by Mr. Isaac Okoroafor, the Director, Corporate Communications, Central Bank of Nigeria.

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