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Central Bank of Nigeria (CBN) has given a stern warning to all banks that they must seek its approval if they must sack more than five staff. This was stated in the communique released by the Bankers Committee after its meeting on Friday.

The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all banks should send sample of Contract Letter issued to outsourced staff + SLA  with the company being used to run outsourced staff.

It stated, “Banks should note and be guided by the CBN circular in respect of laying off staff that is more than five. This requires apex bank’s notification and approval going forward.”

READ ALSO: Ecobank raises $200 million credit facilities)

The Bankers’ Committee had said the mass sacking in banks would be reduced in the shortest time possible.

The committee noted that while it was working on how to reduce the level of job losses in the sector, there would always be reasons people would have to be sacked from their workplaces.

It explained that while the decision to sack bank workers had elicited a lot of sentiments from both the public and private sectors of the economy, the banks understood the implications of having to relieve workers of their jobs in view of the current economic situation in the country.

Meanwhile, Nairametrics had reported that several banks have sacked several thousands of their staff. While some of the workers were served their dismissal letters without serverance packages, others were not that lucky, as they were not informed officially but got blocked from accessing the bank’s server.

For instance, most of the Ecobank Nigeria Plc workers under the auspices of the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), shut down the headquarters of the bank following the disengagement of about 1200 workers in July last year.

The workers, with their placards, took to the bank’s head office to protest their disengagement, insisting that the bank should pay their commensurate benefits.

[READ MORE: NSE to dialogue with CBN over banks’ recapitalisation plans]


Ecobank is not the only financial institution involved in mass sack. In most cases, some of the banks described the exercise as ‘right sizing’. But the concept could be confusing, as they recruit more staff shortly after the exercise.




Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - abiola.odutola@nairametrics.com.


  1. What a stupid policy.The bank can decide to sack 100 in batches of 4 daily within a month. No law can guide hire and fire .

  2. This report is apt. They sack top managers and turnaround to bring in their own persons from other banks or institutions not Bank related. And one begins to wonder what the sacks were intended!

    • Why won’t they bring in their “own persons” (whatever that means)? Are banks government institutions? When they were taking the risk of setting up these banks, where were your “own persons”?

      • Sense of entitlement sky high.how can you dictate to someone how to run their business that you didn’t take the risk for and you don’t take any risk for it’s failure?

  3. Only in a failed state like Nigeria would failed governments that struggle to timely pay the full salaries and pensions of its own workers and retirees, and cannot properly run its own government-own parastatals, be dictating to successful private businesses how to hire and fire workers. Just enact proper labor laws for everyone (not just banks) and get out of way of private risk takers. SMH

  4. Useless UBA sacked so many and Tony even called them TOXIC INPUTTERS. #111bn profit at year end 2019 generated by these same people he called TOXIC INPUTTERS.



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