Recently there had been an unfortunate trend of mass sackings in major banks in Nigeria.
The Federal government tried to curb it by issuing a directive to stop the mass retrenchment but to no avail.
The Federal government even went as far as threatening to revoke the operating licenses of some banks if they disobeyed the directive.
It seems the banks have now relented after a meeting of the Bankers Committee which is the umbrella body of Chief Executives of deposit money banks in Nigeria.
the Managing Director/CEO of Standard Chartered, Nigeria, Bola Adesina speaking to newsmen after the meeting stated that the banks understood the plight of many in the country and would stop the mass retrenchment, but she also warned that the banks would not tolerate underachievement and anyone found wanting would be sacked summarily.
“We know what the situation is like in the country, so we are looking of the ways of ensuring that we minimise any exits from our institutions. There will always be exit as you know, there are issues of fraud and scam but, as a matter of fact, is something that we discussed in the past where the governor prevailed on the banks to minimise any exit from the institutions. So we noted the market sentiments and I am sure, going forward, it will be different. And, like I said, we must also recognise that there will be reasons why people will leave and it is not only in the banking industry, even the telecom industry had this type of situation before. But its something that we should manage.” she said
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