Business
Retrenched Bankers Have Received Their Entitlements – Union
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) said on Friday that workers retrenched by some of the nine troubled banks had received their entitlements.
Mr Olusoji Salako, Deputy President of ASSBIFI, told newsmen in Lagos that the workers had been settled after various interventions by the union.
He said that it was regrettable that some of sacked employees received little or nothing because of the huge loans they took from their former employers.
“Take for example the case of the 2,500 workers sacked by the Intercontinental Bank. When ASSBIFI finished negotiations with the bank and the workers entitlements were paid, many of them had nothing left.
“The bank had to recover the huge loans paid upfront to the retrenched workers. Some of them had eaten their future and there is nothing to fall back on,’’ he pointed out.
Salako said that the Central Bank of Nigeria (CBN) had put in more money into the banks.
To resuscitate the troubled banks, the CBN pumped about N620 billion into them in 2009.