Sola Ojo, Kaduna
The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Uba Sani, has thrown his weight behind the swift action of the Central Bank of Nigeria (CBN) and Bankers’ Committee against planned mass lay-off in the banking sector.
Uba Sani who represents Kaduna Central in the red chamber of the National Assembly made the commendation on Monday.
To him, the decision of the CBN and the Banking Committee to suspend lay-offs in the banking sector is highly commendable and must be emulated by all institutions “as we collectively navigate the uncharted course of COVID-19”.
Lamenting the devastating impact of the pandemic on Nigerian workers and their livelihoods, the lawmaker noted, however, that responsive and responsible institutions have come up with initiatives to lessen the pains.
“It was shocking to learn that some banks were contemplating downsizing their workforce. The CBN/Banking Committee intervention came as a huge relief”, he said.
He, therefore, cautioned banks against embarking on precipitate action that would shake the confidence of skilled personnel and a possible exodus from the critical industry.
“Once the sector becomes 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.
“This 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”, he advised.