To stem the gale of sack in Banks, the Central Bank of Nigeria (CBN) has given a stern warning to all banks to seek its approval before sacking more than five staff. CBN gave the warning in a communique released through the Bankers Committee.

The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, directed all banks to send sample of Contract Letter issued to outsourced staff. Most banks have been engaging in the deployment of outsourced staff to execute critical jobs and end up ill-treating such staff by denying them benefits of the workplace.

He circular said “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.”

Massive job losses have dogged banking operations in recent years with some banks laying off workers in hundreds in one fell swoop. The Committee insists that there must be cogent reason to sack any bank worker.

The Committee said it was aware of the economic realities which may push banks to sack staff but insists that the CBN must be put in the know and must give approval if such sack exceeds five workers.