Banks in Nigeria laid off about 2,477 of its employees in the second quarter of 2020 as key Nigerian cities comply with the lockdown directive of the Federal Government to contain Covid-19.
According to data from the National Bureau of Statistics, the banking sector reduced its total headcount to 94, 498 as of June 2020 from 96, 975 in March of the same year. Total banking sector employees was 103, 610 at the end of 2019.
Banking sector employees took to social media in the height of the Covid-19 lockdown to complain about the threat of mass sack and banks look to contain increasing overheads across the board. Personal expenses make up about 21 per cent of commercial banks operating income and is typically the first port of call for massive cuts.
In the data, contract staff, which represented 43 per cent of total bank staff, constituted the most affected of the job cuts making up 2, 239 out of the 2, 477 losses recorded in the period.
Since December 2019, banks have laid off a total of 6, 408 contract staff. Staff designated as contract have always been an easy target for lay off as their contract do not provide them with the condition of service enjoyed by permanent staff.
