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Bank reforms: Act with caution, NLC urges CBN

By Funmi Komolafe & Simon Ebegbulem
BENIN—Nigeria Labour Congress (NLC) yesterday admonished the Central Bank of Nigeria (CBN) to act with caution in the on-going sanitization of the banking industry, warning that the congress would not tolerate any action that will compromise the welfare of workers.

This comes as Governor Adams Oshiomohle of Edo state disagreed with insinuations in some quarters that the on-going reforms in the banking industry was a northern agenda and urged Nigerians to support the Central Bank Governor, Mr Sanusi Lamido, in his effort to sanitize the industry.

Speaking at the 21st Annual National Education Conference of the National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN),  NLC President, Abdulwaheed Omar, who also expressed regret over alleged failure of President Umaru Yar’Adua’s administration to release the N70billion special intervention fund for the overhauling of the textile industry, said that though the reforms in the banking industry were commendable, emerging evidence from bank operators and debtors showed that the CBN may have hurried some of its actions.

He, however, said the CBN must ensure that mistakes that would be detrimental to workers were avoided.
According to him, “ we support the steps taken by the CBN because we do not want failure in the banking industry.

“However, some of the emerging evidence put in the public domain by some of the operators and debtors suggests that CBN may have hurried some of its actions and in the process made some avoidable mistakes. Nonetheless, we urged the CBN to be more measured in exercising its powers.

“These issues are of cardinal concern to labour because when the functioning of the economy is undermined, employment becomes the first casualty and the overall welfare of workers is compromised. We must, therefore, continue to engage on how the crisis should be confronted”.


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