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The
Central Bank of Nigeria has noted with
dismay, several untrue reports in the
media alleging that the Central Bank of
Nigeria ordered the mass sack of Deposit
Money Banks’ staff and rationalization
of their branches.
We wish
to reiterate categorically that the
Central Bank of Nigeria has never
directed commercial banks to sack staff
or rationalize branches as reported.
Banks are private enterprises and the
decision to engage or disengage staff is
best left to the management and boards
of the institution. These decisions are
taken on the basis of business
imperatives.
The CBN
expects all banks to follow due process
in honouring all terms of appointment of
their employees and any collective
agreements signed with Workers’ Unions.
However, the CBN does not consider it
appropriate to encourage loss-making
banks to further erode depositors’ funds
and capital through inefficiencies in
cost management.
The
public and all stakeholders should
therefore disregard the allegation in
its entirety.
M. M.
Abdullahi
Head,
Corporate Affairs,CBN
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