Following the decision by the Central Bank of Nigeria (CBN) and the Banking Committee to suspend the layoffs in the sector, The Senator representing Kaduna Central Senatorial District and Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has applauded the apex bank and the committee. Read full statement below;
“The decision of the Central Bank of Nigeria (CBN) and the Bankers Committee to suspend layoffs in the banking sector is highly commendable and must be emulated by all institutions as we collectively navigate the uncharted course of COVID-19.
COVID-19 has had devastating impact on Nigerian workers and their livelihoods. Responsive and responsible institutions have come up with initiatives to lessen their pains. It was therefore shocking to learn that some banks were contemplating downsizing their workforce. The CBN/Bankers Committee intervention is no doubt a huge relief.
Going forward, our banks must never embark on precipitate action that will shake the confidence of skilled personnel in the banking sector and a possible exodus from the critical industry. Once the sector is associated with job insecurity, it will be very difficult to attract bright and highly skilled professionals. This is capable of leading to loss of public confidence and instability in the system.
COVID-19 is a passing phase. We must remain calm and be at our innovative best. Panicky measures will do us no good. Let’s think and act strategically.”
Senator Uba Sani (Kaduna Central)
Chairman, Senate Committee on Banking, Insurance and other Financial Institutions.