#iPGN: CBN To Sanction Banks Over Employees Rights Violation


The Central Bank of Nigeria (CBN) has said it would sanction any financial institution that violates the fundamental human rights of its employees.

The apex bank in a letter to all banks, discount houses and development finance institutions in the country signed by the director, Banking Supervision, Tokunbo Martins, said finance institutions respect the rights of their employees as part of compliance with the Nigerian Sustainable Banking Principles (NSBP).

Principle three of the NSBP which bothers on human rights states that we will respect human rights in our business operations and business activities. The principle further states that sustainable banking approach recognises and respects human and labour rights in a banks business operations as well as its business activities.

A banks approach to human rights should be consistent with promoting the requirements, and improving the enforcement of the Nigerian Constitution, the United Nations Declaration on Human Rights, and other international treaties to which Nigeria is a signatory.

Key policies and requirements should include recognition of employees entitlement to safe and fair labour conditions and to exercise collective and individual rights to associate and speak freely as allowed by national law.

The CBN letter urged financial institutions in the country to note that their staff/employees are at liberty to freely associate in furtherance of their rights as allowed by national regulations and laws, and international conventions and treaties Nigeria is a signatory to.

It shall constitute an infraction which will attract sanctions where a bank, discount house, or development finance institution is found in any manner to hinder or prevent its staff/employees from exercising their rights to free association, as required under Principle three and other extant regulations and laws.

Posted From iProdigy Group Nigeria(Dabibi Ori-ibim’s Blog).

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