The Central Bank of Nigeria has released a directive to banks mandating them to seek prior approval before recruitment of bank employees.  They claim this is to prevent the recycling, within the banking industry, of erstwhile bank employees indicted, terminated or dismissed for fraud and other acts of dishonesty. See directive below;

i. New employees of banks and discount houses may assume duty prior to obtaining the approval of the CBN, if this proves difficult or impractical.

ii. However, for employees that assume duty without CBN’s prior approval, banks and discount houses shall, within 30 days of their assumption of duty, submit their curriculum vitae and other relevant information on the new employees to the CBN for clearance.

iii. Banks and discount houses shall include as part of the terms of employment (OFFER LETTER) that “the offer is subject to the receipt of satisfactory responses on any background checks or other inquiries on the employee from relevant authorities”.

iv. The above amendments shall NOT apply to new employees on the grade of Assistant General Manager and above. Banks are required to continue to obtain the prior written approval of the CBN before resumption of duty for these categories of staff.

This rather bizarre directive suggest the CBN will now be performing simple HR functions and makes one wonder if the banking industry is not being over regulated. Can’t this function be outsourced?


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