See also:
» 20.01.2010 - Legislators reject motion to probe mass sackings
» 15.12.2009 - Local NGO denounces deregulation law
» 10.12.2009 - Efforts intensify to fight malaria in Kenya and Nigeria
» 25.11.2009 - Nigerian cyber fraudster in court
» 18.11.2009 - Nigerian fishermen flee Bakassi Peninsula
» 10.11.2009 - Former NPA chief denied bail
» 16.10.2009 - Gabon and Nigeria elected to UN Security Council
» 14.10.2009 - Senate endorses oil deregulation policy

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Nigeria’s Central Bank refutes sack order reports

afrol News, 5 January - The Central Bank of Nigeria has rebuffed media reports alleging that it has directed commercial banks to throw out employees and rationalise branches countrywide.

In a statement issued by the Bank’s Corporate Affairs section, it said the banks are private enterprises and the decision to engage or disengage staff is best left to the management and boards of the institutions.

"We wish to reiterate categorically that the Central Bank of Nigeria has never directed commercial banks to sack staff or rationalize branches as reported,” the Bank’s statement said.

The CBN said it expects all banks to follow due process in honouring all terms of appointment of their employees and any collective agreements signed with Workers’ Unions, urging the public and all stakeholders to disregard the media allegations.

The media reports, according to the apex bank, are untrue, even as unconfirmed reports also on Monday night had it that Spring Bank sacked about 300 workers in addition to 200 earlier fired some weeks ago.

The CBN, however, noted that it does not consider it appropriate to encourage loss-making banks to further erode depositors' funds and capital through inefficiencies in cost management.

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