The Guardian (Nigeria)

Concerns over job losses in financial sector

- By Gloria Nwafor Read the remaining of this story on www. guardian. ng

WITH the recent sale of one of the oldest banks in Nigeria, Union Bank and a bridge bank, Polaris Bank Nigeria Limited by the Central Bank of Nigeria ( CBN) and Asset Management Corporatio­n of Nigeria ( AMCON), there are concerns over potential job losses in the financial sector.

The workers lamented that their job security has been threatened, stating that there would be massive sack when the buyers eventually take over, even when they allege they would retain them.

The Guardian gathered that the sack of workers would add to the already existing 33.3 per cent unemplo yment rate as reported in the last 2020 National Bureau of Statistics ( NBS) report.

Already, stakeholde­rs in the financial sector have queried the acquisitio­n of Union Bank ( a bank of over 100 years of existence) by a bank of slightly less than 10 years in existence ( Titan T rust Bank), stating that it was another transactio­n that may have been in default of due process, transparen­cy and accountabi­lity, given the entrenched and establishe­d capacity of Union Bank across the countr y, including its offshore branches.

In a communique issued at the recently- held National Executive Council ( NEC) by members of the National Union of Banks, Insurance and Financial Institutio­ns Employees ( NUBIFIE), the union said it was studying all options over the sale of the two banks and would be prepared not only to defend the rights of workers, but also challenge the entire process in a competent court of law to demand for equity, justice and fair play , as well as protect the voiceless majority.

National President of NUBIFIE, Anthony Abakpa, who insisted on the right thing to be done, said t he u nion was prepared to defend the rights of members in any eventualit­y.

He said whoever comes onboard at Polaris Bank must be prepared to treat existing staff with utmost care, guarantee their job security and continuity , which was the only way of ensuring industrial peace and harmony across the entire banking system.

Abakpa, expressed regret that workers, who were stakeholde­rs were not informed either directly or through their union representa­tives about the sale of the bank in which most have served and still serving for most of their prime years.

Unfortunat­ely, he said they were not recognised as important enough to informed about the sale of their workplace.

He said while the union, as a stakeholde­r, ought to be consulted or be formally informed about any impending sale or acquisitio­n of the bridge banks, that it was incumbent to know what was going on during any of such exercises. He said the union recognised that it was less entitled to determine or select from among prospectiv­e bidders, who ultimately gets the pie but has the responsibi­lity of knowing and insisting on due process, fair and inclusive, as well as open and transparen­t process, conducted in line with global best practices of fair competitio­n.

He said the NEC- in- session, having reviewed the sales of the two banks, observed that lots of salient questions were left unanswered.

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