More shake up in the Banking Industry,

What they do not tell us is which banks are sacking staff
and which Banks are being bought out by Foreigners which will
give us an indication of the Assest Stripping & Down-sizing, 

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Source - http://odili.net/news/source/2010/nov/7/600.html

Another mass sack in banks * 1,000 lose jobs, more to go
Written by Akin Adewakun and Odidison Omankhanlen, Lagos
Sunday, November 7, 2010


The end seems not in sight over the mass purge in banks across the country. This follows the commencement of second phase of sack in the banking industry

investigations conducted by Saturday Tribune revealed that over 1000 bank workers lost their jobs in the last few weeks with more to follow in the coming days.

Saturday Tribune gathered that many bank workers would celebrate the Yuletide without jobs as many banks are already putting finishing touches to the list of workers that would be sacked.

Ironically, the latest sack is more prominent in banks that were otherwise declared sound and safe aftermath of the stress test conducted on all the money deposit banks in the country by the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) last year.

Under the new strategy, when an employee can no longer log into the bank's intranet, it then implies that he should contact the human resources department for termination letter. Nawaooo!!! Na soo person go get Sack Notice ? The wonders of I.T! (Bold and Pigin English emphasis by me:Martin Osi)

It was gathered that banks now hinge the downsizing exercise as part of new business strategy. One of the banks, which has regional affiliation, recently sacked over 500 workers, a development the management of the bank linked to restructuring and business turn- around process.
(Ecobank which is now owned majorly by I.C.B.C, a Chinese Bank,)
Red Emphasis Mine: M.O

According to the bank, the disengagement of the workers was part of the group's strategies designed to consolidate and optimise its operations, adding that the action is predicated on the bank's strategy to drive performance and deliver optimum value to all of its stakeholders with a highly efficient structure.
See the story here from the economist that gives an over-view of
what is happening Titled "Scramble in Africa) - http://www.economist.com/node/17043662

Also, one of the first generation banks, which recently shed its workforce by sacking over 300 employees, hinged the motive on refocusing its strategy. It took the intervention of the domestic and national union officials to douse the tension generated by the management's decision. However, the management had its way.

Speaking to Saturday Tribune in Lagos, Vice President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Sunday Salako, confirmed that the recent rate of sack was a negotiated exit, stressing that both the unions and bank officials met and had amicably resolved it.

He warned that the union would not tolerate any further sack in the industry, stating that the banks must consult with relevant unions in any downsizing process.

Speaking on the rate of sack in the banking industry, President General of Trade Union Congress (TUC), Comrade Peter Esele, said the union is prepared to dialogue with the management to resolve the sack in the sector, but maintained that in a situation whereby dialogue ceases to address the contending issues, the union would be forced to take laws into their hands and close down the entire industry.


He blamed the CBN for the sack in the industry, saying that the various reforms spearheaded by the CBN governor and the process of disengagement of workers in the industry remain questionable.


According to the labour leader, the banks have not followed the provisions of collective bargaining agreement in their actions, adding that workers were sacked by management without negotiating their severance benefits with the respective unions.


It would be recalled that over 7000 bank workers lost their jobs in the first phase of sack that characterised post-consolidation in the banking industry.
(Say Hello to Globalisation(Foriegn take-overs)


According to the CBN Governor, Lamido Sanusi, the apex bank "will not support a situation in which we direct an institution to continue to live on a cost profile that is not consistent with its revenue profile."