Central bank of nigeria sack a member

The Central bank of Nigeria (CBN) on
Friday, stated that if commercial banks
continue to sack their members of staff at
an alarming rate, they would be made to
give prior notice and reasons to the apex
bank before making such moves.
According to a Nigeria CommunicationsWeek
report, Kolawole Balogun , a representative of
the CBN, made this statement while speaking at
an interactive meeting in Abuja with Chris
Nigige, Minister of Labour and Employment, with
other stakeholders in banking and finance
sectors.
“ We have looked at our laws in terms of our
limitations. In as much as we cannot impose staff
on any bank, we can engage them on other
solutions and that is what we are doing now. We
have even gone a step further to look at how we
can, not in terms of regulation but in terms of
knowing why they are actually disengaging their
staff.
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“ We will soon come up with a circular for the
banks to ensure that if they are going to
disengage up to a certain number of staff they
should let us know and explain why. Although
times are challenging at the moment, they can still
manage to keep some level of their staff and
remain profitable ,” Balogun said at the event,
according to the report.
Commenting, Ngige said commercial banks had
a responsibility to obey the country's labour
laws.
“ You must obey all laws of the land, including
labour laws, such as the Trade Union Act, T14 law
of the federation concerning redundancy and the
Trade Dispute Act, which deals with the
management of trade disputes including
employee-employers’ relationship.
“ The ILO takes very seriously the issue of workers
maltreatment in various guises, be it in the
industries, construction sites or public service.
Workers should be treated with dignity and
decency ,” Ngige said, according to the Nigeria
CommunicationsWeek report.
Following the recent decline in the state of the
Nigerian economy, there have been several
reports of mass retrenchment in various banks
across the Nigerian financial sector . by chibabynaija1