Bankers Committee agrees to stop mass retrenchment

Posted by Amechi Obiakpu | 13 October 2016 | 2,391 times

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The Bankers Committee has allayed the fears of possible looming mass sack in the banking industry.

Following the mass sack that hit the Nigerian banking sector in recent times as a result of the economic down turn, there were fears that another round of sack may be witnessed in the sector.

But, the committee said that all the bank’s chief executives have agreed to stop any possible retrenchment. The committee said this at the end of its 329th meeting in Central Bank of Nigeria (CBN) Lagos Annex on Wednesday.

After its meeting, the Bankers Committee appointed some bank’s Chief Executives to brief the press on their deliberations. They are: Catherine Echeozo, Deputy Managing Director, GTB; Tokunbo Abiru, MD, Skye Bank; Yinka Sanni, Stanbic/IBTC and Mrs. Tokunbo Martins, Director, Banking Supervision, CBN.

Tokunbo Martins said that despite the economic down turn, the banks have all agreed not to engage in any sack of its staff hence any report of a possible sack by any bank is not true.

In response to a recent report that about seven Nigerian banks are unhealthy Martins noted that the report was false.

“The banks like every other sector in the country have its own share of challenges, but they have huge capacity to generate income and absorb losses. Please ignore the report as it is not true,” she said.

Tokunbo Abiru said the committee discussed the need to improve financial literacy even as world savings day is slated for October 30, 2016. To this end, he said each bank has been implored to take up two public schools in each geo-political zone, totalling 12, to educate on general commerce, micro-finance, savings amongst others.

On his part, Yinka Sanni said bank CEOs have huge role to play in ensuring the growth of the pension industry, by interfacing with the sector. He said the committee discussed the need for the banks to leverage on the huge gap in the pension industry.

•Photo shows CBN Governor Godwin Emefiele.

Source: News Express

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