Senior workers in financial institutions in the country have described as repugnant and anti-labour, a recent directive by some banks mandating their employees to provide financial guarantors. “We condemn this directive as socially unjust, naturally repugnant, highly immoral and capable of creating chaos in the banking industry.

This is at variance with the Federal Government’s policy on human capital development and job creation,” the senior workers said in a statement in Lagos.

The workers issued the statement under the aegis of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI). The statement was signed by ASSBIFI President, Mr Sunday Salako. The senior bank workers noted that the directive stipulated that a financial guarantor must earn twice the yearly income of the employee being guaranteed.

“The implication is that if an employee’s yearly income is eight million naira, the guarantor must be a person with a yearly income of N16 million,” they said.

They said that the development might result in increased unemployment rate and poverty in Nigeria. It is also an open invitation to high scale crimes,” they said.

The workers also described the directive as an attack on the dignity of labour and job security. They urged all financial institutions to desist from such a policy.