Business
PRAN Supports Bank Staff Salaries Rationalisation
The proactive Shareholder Association of Nigeria (PRAN) has applauded the Central Bank of Nigeria’s directive to banks to rationalise staff salaries saying it would help reduce unnecessary expenses.
National coordinator at the association, Taiwo Aderinde said this last week in Lagos while responding to questions from media representative. He warned that there is no need for downsising in the banking sub-sector, saying that staff salaries should be at reasonably level. According to him, salaries of most bank executive are outrageous and considering the present economic and financial crisis, there is need to review their salaries so as to avoid liquidity problem and to equally project healthy balance sheets.”
He disclosed that since the coming of the financial crisis, organisations and individuals have cut down their expenses and that the issue of banks reviewing staff salaries should not be overemphasized because it is a necessary option, speaking further he maintained that the CBN governor has a genuine intention for the common people. He is a revolutionary who is fighting a war that I know would benefit the market. My prayer is that he does not derail because he has our backing, “ he added.
The CBN governor does not have a northern agenda, noting that his reform polices are for the good of the economy and the nation at large Taiwo said. He however pleaded that the CBN governor should be supported by all stakeholder to enjoy a sound and safe banking institution.
It would be recalled that CBN in its recent memo to the managing directors and Chief executive offices of the embattled banks, directed among other things to reduce executive and other staff emoluments by at least 30 per- cent and submit an action plan for branch and staff rationalisation (reduction) in order to utilise some hidden economics of scale in the bank’s operation.
This directives is said to have given impetus to new policies that penciled down thousands of workers for retrenchment.
Industry sources have, however expressed concerns that while government all over the world work hard to encourage employment and are measured by the number of jobs created, the current reforms in the Nigerian banking industry encourage chief executives to sack workers with impunity.
Elijah Segun, general secretary NUBIFE, described as unfortunate the reform process that could lead to mass sack in banks. According to him, “this has been our predicament in the banking industry. Workers are usually at the receiving end of any reform. No matter the nature of any reform, at the end of the day, you will discover that the workers are the victims. When they recapitalized, we were at the receiving end. They are now sanitising, and we are also at the receiving end, despite the fact that we are not privy in the perpetration of the so-called atrocity in the industry so it is very unfortunate that it is happening this way.
Jarus Erhemosele, secretary general ASSBIF while responding also pleaded with the CBN governor to tread the path of caution in his management’s action in the banks.
At the last count, at least 1,000 workers within the rank of banking officers and above in two banks (one cleared as healthy and the other rescued) alone were either sacked or asked to resign in the last two weeks.
This figure excludes the thousands reportedly penciled down for sack in the other 22 healthy and troubled banks still grappling with economic crisis. Meanwhile the federal government had reportedly asked Sanusi Lamido CBN Governor to intervene and put an end to arbitrary retrenchments in most of the banks, especially the eight rescued ones.
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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