The Association of Senior Staff of Bank, Insurance and Financial Institutions (ASSBIFI) said at the weekend that 5000 of its members lost their jobs in the last three weeks.

The union also said there are indications that banks will further shed their workforce in another few months.

President of the Association Comrade Olusoji Salako stated this in an interview with our correspondent and stressing that the development is a sad commentary on the nation’s banking sector.

He said: “The information we are having is not palatable. You will understand that this has been happening since 2009. It is something we thought could have been abated by now but it is like it is not.

“It shows that something is still not right with our banking sector. All the reforms, efforts and intervention of government have not yielded the desired result in the sector.”

Salako, who traced the woes in the sector to the exploit of ‘cowboys in 1990’s,’ said the regulator gave them the opportunity to rake in more money with recapitalization and consolidation of the banking sector.

“With more funds at their disposal, they were able to build megabanks and the nation threw caution to the wind,” he said.

Salako also expressed doubts on the ability of the Asset Management Company of Nigeria (AMCON) to put troubled banks in Nigeria on tracks.

He said the agency’s mandate in the sector is not well defined by the Federal Government.

“The creation of AMCON has not helped the banking sector because the moment you begin doing things with dubious intention, then there is a problem. If AMCON wants to be fair, it should come out in clear terms stating its intervention, who will lose and who will gain,” he said.

Commenting on the problems bedeviling the banking sector, Salako said it is persisting because the government has not developed the right political will to implement its own policy.

According to him, the regulator in the banking sector has not helped as it closed its eyes while funds are looted in the failed banks.

“It shows that something is still not right with our banking sector. All the reforms, efforts and intervention of government have not yielded the desired result in the sector.”

BlackBaron: It's like there's no job security in the banking sector.

manny4life:

There's no job security even if you worked in the Oil, Manufacturing, Retail, Entertainment or Hospitality industry. The ONLY security you can have is "ENTREPRENEURSHIP".

honeric01:
Nobody wants to start from the scratch, nobody wants to build but they all want to live in a house others built, no body wants to suffer as a start up business owner, rather they would sit at home waiting for other entrepreneur to employ them.
0% CREATIVITY.

manny4life:

There's no job security even if you worked in the Oil, Manufacturing, Retail, Entertainment or Hospitality industry. The ONLY security you can have is "ENTREPRENEURSHIP".

ochallo:

you are totally clueless, to think entrepeurship is secure. You obviously have never started a business

honeric01:

Nobody wants to start from the scratch, nobody wants to build but they all want to live in a house others built, no body wants to suffer as a start up business owner, rather they would sit at home waiting for other entrepreneur to employ them.

0% CREATIVITY.

manny4life:

There's no job security even if you worked in the Oil, Manufacturing, Retail, Entertainment or Hospitality industry. The ONLY security you can have is "ENTREPRENEURSHIP".

tunax5loon:


MY BRO, NO BE SO.. THIS COUNTRY IS NOT WILLING TO HELP OUR YOUTHS THEREFORE, SINCE MANY PPL DON'T HAV ACCESS TO FUND, THEY PREFER WORKING IN ESTABLISHMENTS THINKING ONE DAY THEY WILL GET HUGE CAPITAL TO START THEIR BIZ..SADLY, THE DAY NEVER COM 'COS ONCE YU ARE WORKING, PPL WILL START DEPENDING ON YU.. NO TIME TO SAFE CASH

BlackBaron:
Not everyone can be an entrepreneur. Nor does entrepreneurship guarantee absolute job security.

I'm only focusing on the trend of obligatory mass monthly retrenchment in the banking sector compared to say oil or telecoms.

manny4life:


Well, the Nigerian environment isn't encouraging for small business folks. The Nigerian factor is really hostile in so many ways, so IMO, that's a deterrent factor.

BlackBaron:
Not everyone can be an entrepreneur. Nor does entrepreneurship guarantee absolute job security.

I'm only focusing on the trend of obligatory mass monthly retrenchment in the banking sector compared to say oil or telecoms.

honeric01:
Was there a period when government encouraged small businesses? most of the companies with more staffs than production we have now started small in this same country. it's the mindset of our young ones that should change.

Statements like "after school, look for job, marry, bla bla bla". few are creative or have the zeal to do something on their own.

tunax5loon:

noo yu get it wrong bro.. i finished my NYSC this FEB.. and all the money i saved, i hav invested it in my poultry biz.. i hav 100 cockrels at the moment.. but i must confess things are not easy because i can hardly buy credit.. i rely on free browsing these dayz.
Are yu now telling me that i don't need to search for job again?
mind yu, i'm still feeding the birds at the moment with nothing in return for now..
it is not easy.

honeric01:

Was there a period when government encouraged small businesses? most of the companies with more staffs than production we have now started small in this same country. it's the mindset of our young ones that should change.

Statements like "after school, look for job, marry, bla bla bla". few are creative or have the zeal to do something on their own.