Questionable characters taking over Nigerian banks – Labour
BY VICTOR AHIUMA-YOUNG
Bankers in Nigeria have faulted the ongoing mergers and acquisition in the banking sector, alleging that people of questionable character are clandestinely taking over the nation’s banks in the name of mergers and acquisition.
Under the umbrella of the Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, the bankers resolved to move against the frenzy of activities going on in the financial sector, as various overt and clandestine moves and positioning were being manoeuvred by several interests keen at becoming leading partners in the ongoing processes for mergers and acquisition in the banking industry.
President of ASSBIFI, Comrade Sunday Olusoji Salako at a briefing in Lagos, warned of imminent crisis that would engulf the banking industry should it be uncovered that the regulatory authorities was part of the clandestine moves to hand over the banks to some pre-determined individuals in the ongoing processes for mergers and acquisition in the banking industry.
He said “ASSBIFI will collaborate with all stakeholders, associations and other relevant stakeholders to checkmate the current insanity and frenzy of activities going on in the financial sector as various overt and clandestine moves and positioning are being manoeuvred by several interests keen on becoming leading partners in the ongoing processes for mergers and acquisition in the banking industry. Let it be known and put across that we will no longer pay for any of these lapses. On record, we have resolved never again to subsidise the indulgencies and recklessness of a system that will use and dump our members.
“In 2009, the CBN under Mallam Sanusi Lamido Sanusi began another set of reforms in the banking sector which led to the sack of the managements of some banks. The impact of the reforms on the labour market has been very traumatic. This can be deduced from the rate at which most banks have been downsizing in the last two years.
Thousands of financial sector employees, some being our members, particularly in the Banking sector, have lost their jobs. A major aspect of these reforms is recapitalisation of the ailing banks through mergers and acquisition. This exercise has begun and no one sees the need to involve a strategic stakeholder like ASSBIFI in the process.
And when something goes wrong with these arrangements, the regulators will encourage managements to sack employees – our members- in droves. Yet, the same overindulged managements that were responsible for the crisis in the first place, would continue to enjoy their perks and privileges of office. Let it be known and put across that we will no longer pay for any of these lapses.
On record, we have resolved never again to subsidise the indulgences and recklessness of a system that will use and dump our members. ASSBIFI will collaborate with all stakeholders, associations and other relevant stakeholders to checkmate this current insanity.”
