Labour Tackles CBN Over Rescued Banks Policy


Organised Labour in the Nigeria’s banking sector has kicked against the increasing conflicting pronouncements by the Central Bank of Nigeria, CBN, especially on the status of the rescued banks, arguing that CBN’s policy has undermined the integrity of the banks and created crisis of confidence in the minds of the public.

Under the aegis of Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, and National Union of Banks, Insurance And Financial Institutions Employees, NUBIFIE, the two unions declared that if the current scenario of playing to the gallery in policy formulation and implementation of the CBN was not check,

Nigerians should bid fare-well to the original motive of the reform policy which was to have a very strong, sound, healthy and competitive banking sector that would provide the necessary real sector growth in particular, and the economy in general.

The two in-house unions in the banking and finance industry rising from a joint meeting tag ASSNUBIFIE, vowed to confront CBN over the inconsistent reforms policy that may further erode the confidence of the general public and create another huge job loss.

Speaking on the plans by the two unions to tackle the apex bank , the President of ASSBIFI, Comrade Sunday Salako, noted that workers in the banking industry resolved to move against the frenzy of activities going on in the financial sector.

According to him, “after exhaustive deliberations in the Joint meeting of the two-in house unions in the industry, We resolved that the banking sector in particular, which has been the only sector consistent in employment generation, has been forced through sustained interventionary reform measures into massive job losses”