Goodnews! Banks Agree To Reverse Mass Sacking Of Workers


Bankers Committee, the umbrella body of Chief Executives of commercial banks in Nigeria, have agreed to suspend the mass sacking of workers in their industry.

The decision was taken at a meeting they had in Abuja yesterday June 9th. Managing Director/CEO of Standard Chartered, Nigeria, Bola Adesola, said that the banks understood the economic implications of sacking anyone now and will suspend their mass retrenchment plans but will not hesitate to fire any of its worker who under-performs.

Bola Adesola, speaking at the end of the meeting acknowledged that the banks understood what the country’s situation was like and were looking for ways of ensuring they minimize any exits from the institutions.

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According to her:

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

“So we noted the market sentiments and I am sure, going forward, it will be different. And, like I said, we must also recognize that there will be reasons why people will leave and it is not only in the banking industry, even the telecom industry had this type of situation before. But its something that we should manage.”

Following the ongoing mass retrenchment of workers in the Nigerian banking sector, the organised Labour yesterday issued a 21 day ultimatum to the affected banks to recall all sacked workers or risk an unprecedented industrial action.

The organized Labour threatened to cripple operations in the banking sector by picketing banks that indulge in further mass sack of their employees by issuing an ultimatum.

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The organized labour affirmed their support of the threat by the federal government through the Minister of Labour and Employment, Senator Chris Ngige, to withdraw the licenses of banks that breached its directive to halt further retrenchment.