By Dipo Olowookere

The House of Representatives is considering ways the federal government can support big organisations in the country like Access Bank to pay their workers in order to prevent a mass sacking.

Some days ago, a video went viral showing the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, saying that the lender will possibly cut down its contract staff by 70 percent, while those to remain will likely suffer a 40 percent slash in their salaries, including himself.

Nigerians reacted to the issue and the Central Bank of Nigeria (CBN), with Bankers’ Committee, prevailed on the financial institution and others in the banking industry to put such plans aside.

At the plenary on Tuesday, the House of Reps debated the matter and said urgent steps must be taken to avert a massive job loss in the country.

The lower parliament described Access Bank as an institution “too big to fail” because of “its position as a significant employer of labour.”

The lawmakers said if Access Bank is allowed to “lay off 23,990 employees [on its payroll] ,” which it said “may be the biggest lay-offs by any Nigerian employer”, it will have an impact that will be “catastrophic especially when followed by other banks.”

“Such business decisions will cause more stress and shocks across economy which is already struggling with low oil prices.

“A secondary effect of such an action will be that it will affect the purchasing power of significant segments of the population which will certainly impact negatively on our macro-economy,” the lower legislative chamber of the National Assembly said.

The Reps stressed that to avert this looming crisis, steps must be taken quickly by the federal government to support big employers of labour like Access Bank through economic packages in terms of “income support, tax credits or tax deferrals, short-term work schemes, wage subsidies and tax moratoriums on loan payments.”

In view of this, the lawmakers resolved to “set up an ad-hoc committee to investigate, monitor and liaise with corporate institutions with a view to possible interventions to reduce the wage burden on such organisations.

The House also mandated the Committees on Banking and Currency, Labour, Employment and Productivity and Public Accounts to look into the Access Bank situation and report back to within two weeks for further legislative action.

https://businesspost.ng/general/reps-seek-bailout-out-for-access-bank-others-to-prevent-mass-sacking/

Access bank wey never chop belleful..go dey give food to person wey dey waste food.

Is access bank the only bank that has workers to be laid off... Other companies and banks nko

dipoolowoo:
By Dipo Olowookere

The House of Representatives is considering ways the federal government can support big organisations in the country like Access Bank to pay their workers in order to prevent a mass sacking.

Some days ago, a video went viral showing the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, saying that the lender will possibly cut down its contract staff by 70 percent, while those to remain will likely suffer a 40 percent slash in their salaries, including himself.

Nigerians reacted to the issue and the Central Bank of Nigeria (CBN), with Bankers’ Committee, prevailed on the financial institution and others in the banking industry to put such plans aside.

At the plenary on Tuesday, the House of Reps debated the matter and said urgent steps must be taken to avert a massive job loss in the country.

The lower parliament described Access Bank as an institution “too big to fail” because of “its position as a significant employer of labour.”

The lawmakers said if Access Bank is allowed to “lay off 23,990 employees [on its payroll] ,” which it said “may be the biggest lay-offs by any Nigerian employer”, it will have an impact that will be “catastrophic especially when followed by other banks.”

“Such business decisions will cause more stress and shocks across economy which is already struggling with low oil prices.

“A secondary effect of such an action will be that it will affect the purchasing power of significant segments of the population which will certainly impact negatively on our macro-economy,” the lower legislative chamber of the National Assembly said.

The Reps stressed that to avert this looming crisis, steps must be taken quickly by the federal government to support big employers of labour like Access Bank through economic packages in terms of “income support, tax credits or tax deferrals, short-term work schemes, wage subsidies and tax moratoriums on loan payments.”

In view of this, the lawmakers resolved to “set up an ad-hoc committee to investigate, monitor and liaise with corporate institutions with a view to possible interventions to reduce the wage burden on such organisations.

The House also mandated the Committees on Banking and Currency, Labour, Employment and Productivity and Public Accounts to look into the Access Bank situation and report back to within two weeks for further legislative action.

https://businesspost.ng/general/reps-seek-bailout-out-for-access-bank-others-to-prevent-mass-sacking/

How can a bank donate 1 billion naira only to sack its staff shortly after


The Management of that bank have questions to answer.

Is it their duty to bail out banks on distress.

deltateam:


How can a bank donate 1 billion naira only to sack its staff shortly after


The Management of that bank have questions to answer.

And then? There is something called cooperate social responsibility.

sexylassie2:


And then? There is something called cooperate social responsibility.

To the tune of #1 billion only to be declared 'bankrupt' next day?

Son, where did you learn that CSR should be reckless?

sexylassie2:
Is it their duty to bail out banks on distress.

What would then be the function of CBN?

deltateam:


To the tune of #1 billion only to be declared 'bankrupt' next day?

Son, where did you learn that CSR should be reckless?

They didn't say they were bankrupt, they said they were downsizing, reducing their workforce.

deltateam:


What would then be the function of CBN?

I don't know, isn't the CBN the regulator, and the one that can bail out banks.

Did access bank said it was distressed or in need of bail out

So why is the house of rep acting like they are the regulators.

sexylassie2:



I don't know, isn't the CBN the regulator, and the one that can bail out banks.

Did access bank said it was distressed or in need of bail out

So why is the house of rep acting like they are the regulators.

To be honest with you, since that IMF loan came in coupled with Abacha's recovered funds, FG has been looking for all possible loopholes to finish it within a month.
By then all man go rest.

deltateam:


To be honest with you, since that IMF loan came in coupled with Abacha's recovered funds, FG has been looking for all possible loopholes to finish it within a month.
By then all man go rest.

IMF said they must show how them how they spent it.

These imf bail out, it is nigerians that will pay for it even when they steal some of it.