Nigerian Banks Begin Massive Layoff of Workers

Following implementation of the Treasury Single Account by the federal government, Nigerian banks have begun to release some of its temporary staff, Today reports.
Its believed that Nigerian commercial banks can no longer afford to keep their staff, as ministries and agencies of government have commenced withdrawal of their deposits in commercial banks, in compliance with federal government directive.
Reports say about 1,500 staff of a new generation bank were laid off on Friday, with most of them being temporary staff.

“The problem is that, if you lay off permanent staff at once, you also have to pay them all their entitlements otherwise they will take you to court,” a top management staff of a first generation bank said.
“Yes, majority of the people we truly do not need are unfortunately the permanent staff, but because of the confusion and litigation that will follow, we decided to relief those with temporary appointments. It is a painful decision, but we have to do it in other to save the banks.
“We have prepared their disengagement letters and most of them will be communicated next week. I tell you, not only here, all the banks will follow this line. That is the situation”.