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Bank Employees Must Pay Millions If Sacked Early - Career - Nairaland

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Bank Employees Must Pay Millions If Sacked Early by Obinoscopy(m): 12:38pm On Oct 12, 2012
Training Bond For A Nigerian Bank: An Enslavement Of Our Labour Force?

Hi fellas,

I came across the Training Bond of a Bank for their new staffs and I wept bitterly for this country and for the poor employment rate in the country. The Bond was nothing short of enslavement of the employee to the Bank. In the Bond, the employee is bound to the Bank and will pay a sum of 2 million naira if he/she decides to leaves the bank before 2 years.

What infuriates me the most is that the liability of the Bond rests squarely on the employee alone (the Bank are not liable in any way). The Bank is not obligated to compensate the employee if they are the ones that decide to terminate the appointment of the employee. In fact, if the Bank decides to sack the employee before the expiration of the 2 years, the employee is still to pay the Bank for the training programme and for the unutilized portion of the 2 years!

I won’t give the name of the Bank but find below the full content of the Training Bond for your perusal and comment:

TRAINING BOND

By this bond, I _______________ of _______________ and ______________ (hereinafter called “the Surety”) are held and firmly bound unto *******, of, ****** Lagos (hereinafter called “the Bank” which expression shall where the context so admits include its assigns and successors-in-title) in the sum of Two Million Naira (N2M) for the payment of which sum the Employer and the Surety bind themselves, their heirs, Executors, Personal Representatives jointly and severally by these presents.

WHEREAS:
(i) The Bank has selected the Employee to attend Entry Level Induction

(ii) The condition for the selection of the Employee is that the Employee enters into Bond to continue in Employer’s employer after the training programme.

(iii) The Employee has agreed to enter into the Bond, attend and complete the training programme in Union Bank Learning Academy, Oba Akran Avenue, Ikeja and continue in the employment of the Bank for a period of two (2) years after completing the training programme.

1. NOW THIS DEED WITNESSETH as follows:

(a) In consideration of the Bank sending the employee on training as aforesaid, at the Training School, Yaba, at the cost of the Bank, the Employee HEREBY IRREVOCABLY BINDS himself to the employment of the Bank for a period of Two

(2) years after attending the training programme.

(b) In the event of the Employee leaving the employment of the Bank for any reason whatsoever other than termination or dismissal, before the expiration of the two years above stated, the Employee shall pay to the Bank the sum of Two Million (N2M) at the prevailing interest rate per annum.

(c) If the Employee fails to perform or observe this agreement, he and/or the Surety forthwith pays to the Bank the sum of Two Million Naira (N2M) as and for liquidated damages and interest on the said sum at the prevailing bank rate per annum.

(d) If the Employee fails to complete the course, the Employee and/or the Surety pays forthwith the pro-rated cost incurred by the Bank on the training programme plus interest at the prevailing bank rate;

2. NOW THE ABOVE WRITTEN OBLIGATION is condition to be void in either of the following cases:

(a) If the Employee completes the training programme and remains in the employment of the Bank for a period of Two (2) years after the said training programme.

(b) If the Employee’s employment is terminated or dismissed before the expiration of the two (2) years after attending and completing the training programme, the Employee and/or the Surety pays for the unutilized portion of the stipulated Two (2) years, the pro-rated cost of the training programme plus interest at the prevailing bank rate.
Re: Bank Employees Must Pay Millions If Sacked Early by Obinoscopy(m): 12:42pm On Oct 12, 2012
The bolded in the quote was what threw me off balance.

I think it’s high time the NDE drafted an Employment Bill where the rights of both the employee and employer are clearly stated and send to the House of Assembly. Enough of this bully of employees by employers!

1 Like

Re: Bank Employees Must Pay Millions If Sacked Early by Nobody: 1:10pm On Oct 12, 2012
My brother, Access bank would not kill job seekers with this funny bond. My wife signed that bond in 2009 after training school at Ikeja and left the bank the next year. Guess what??

They collapsed the 2M bond into her account which she already emptied and since then, it has been accruing debit interest. I wrote them a stinker and challenged them to take her to court but yet they have decided to take it on the guarantor who has equally asked them to seek redress in court.

I am still waiting for them . . .

28 Likes 1 Share

Re: Bank Employees Must Pay Millions If Sacked Early by braine(m): 2:33pm On Oct 12, 2012
Thats something else o...
Is this government approved?
Re: Bank Employees Must Pay Millions If Sacked Early by Femsyn(m): 2:33pm On Oct 12, 2012
This is definitely Access Bank!!

3 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by Nobody: 2:38pm On Oct 12, 2012
I'll be very surprised if the bank in question is not Access. It has all the markings.
Re: Bank Employees Must Pay Millions If Sacked Early by Adeone: 2:38pm On Oct 12, 2012
my question is simple,must you work in a bank?

4 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by brotherlyn(m): 2:39pm On Oct 12, 2012
This is strangulating. Of a truth, it is a bondage.

If the employee decides to leave, before the expiration of 2 years,
they can ask for a compensation with respect to the amount invested in
training and other resources. This can be agreed and payment made on
an instalmental basis.

In the event that a sack is issued to the employee, i think it is absurd.

The Bank in question should revisit this bond and correct it.
Re: Bank Employees Must Pay Millions If Sacked Early by WhyAWhy(m): 2:39pm On Oct 12, 2012
[size=18pt]As much as I agree that this is not right at all. If the legal system in this country is strong, anyone that signs that bond before getting employment would surely lose the case in court oh.[/size]

4 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by Okijajuju1(m): 2:42pm On Oct 12, 2012
To me sha!! As long as you see it before you sign it... no problem
Re: Bank Employees Must Pay Millions If Sacked Early by jpphilips(m): 2:43pm On Oct 12, 2012
union bank i guess!!

1 Like

Re: Bank Employees Must Pay Millions If Sacked Early by Les: 2:43pm On Oct 12, 2012
If i refused to pay nko? Dem go kill me? If you are self employed and happy, lemme hear you say AMEN!!

1 Like

Re: Bank Employees Must Pay Millions If Sacked Early by JubalTheophilus: 2:44pm On Oct 12, 2012
IF u wont give the name of the bank,then u r a prevaricator & all prevaricators will go to hell. How do we or can we effect a change if the body involved in this slave contract is not admonished.
Re: Bank Employees Must Pay Millions If Sacked Early by mrkels(m): 2:45pm On Oct 12, 2012
[size=14pt]@ALL WILLING TO KNOW THE NAME OF THE BANK, THIS IS ACCESS BANK,GOT AN OFFER,I TURNED IT DOWN[/size]

6 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by RedLight1: 2:45pm On Oct 12, 2012
Les: If i refused to pay nko? Dem go kill me? If you are self employed and happy, lemme hear you say AMEN!!
AMEN!!
Re: Bank Employees Must Pay Millions If Sacked Early by nass07(m): 2:46pm On Oct 12, 2012
Corporate slavery! I hate banking jobs anyway.
Re: Bank Employees Must Pay Millions If Sacked Early by etunoman76(m): 2:48pm On Oct 12, 2012
This is a blatant form of modern slavery and it's been on-going since 2009 without the relevant authority taking action. The bank must be picketed for this act

@Dr. Wise, that's a smart move by you and ur wife. Why must all absurdities be found in my beloved country?
Re: Bank Employees Must Pay Millions If Sacked Early by sessydoo(m): 2:48pm On Oct 12, 2012
loll...until somethin drastic is done, this sort of bullshit will continue. When i saw d caption, my mind goes straight to access bank bc in recent times their staff have been dying like rats n chickens. They subject their staff to slave trade, they bully evryone, they set unrealistic targets like their counterparts in other banks, they hold meeting till 3, 4am sometimes and still expect u to resume 8am d same day, i no fit laff ooo I was with dat bank b4 God delivered me from their bondage, honestly if all the Banks employees can unite and stand against these slave masters, order their staff to downtool, lets see if they are gonna ask goats n hens to mount the cubicle to attend to customers. And to think that these are the kind of ppl that form GEJ's think tank, I dont want to say this Country is doomed but for how long shall we continue like this? these MDs are taking d advantage of high unemployment in d land to molest n enslave their employees...Recently a group of people petitioned the CBN Gov, Senate, International Human rights Org, Presidency, Ban-ki-moon telling them that these banks are committing crime against humanity (Stil have a copy of the petition) but nothing has been heard from them. If you see the atrocities exposed in that write-up, u will weep for this Nation esp these bankers

2 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by Nobody: 2:50pm On Oct 12, 2012
iii) The Employee has agreed to enter into the Bond, attend and complete the training programme in Union Bank Learning Academy, Oba Akran Avenue, Ikeja and continue in the employment of the Bank for a period of two (2) years after completing the training programme.


@ op You have already told us ...its union bank. I read it from this number (iii)

2 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by Nobody: 2:51pm On Oct 12, 2012
It was called Bond, the word Bondage is coined from 'Bond'....

2 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by SisiKill1: 2:51pm On Oct 12, 2012
This isn't new. . .they do it abroad too. A company pays for your education and you are obligated to work for them for a certain period.

If you don't like the idea of working for a company for a specified time or having to pay restitution when you leave. . .then don't take their money for training or school fees. They ain't your daddy, why do you expect them to pay your school fees and request nothing in return?

So how can it be slavery where there is a CHOICE in the matter? Last I checked, slaves didn't have the luxury of saying "As much as the whole binding me in chains and taking me to a foreign land to go work until I die sounds like an exciting life adventure, I'd much rather stay in my land but thanks for offer, really appreciate it."

4 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by NaijaNaWaa: 2:52pm On Oct 12, 2012
Dr. Wise:
My brother, Access bank would not kill job seekers with this funny bond. My wife signed that bond in 2009 after training school at Ikeja and left the bank the next year. Guess what??

They collapsed the 2M bond into her account which she already emptied and since then, it has been accruing debit interest. I wrote them a stinker and challenged them to take her to court but yet they have decided to take it on the guarantor who has equally asked them to seek redress in court.

I am still waiting for them . . .

What makes you think that the court will exonerate your wife and/or her guarantor from a contract they signed of their own free will?
Re: Bank Employees Must Pay Millions If Sacked Early by Homextras: 2:52pm On Oct 12, 2012
This is definitely access bank. It was this same bank that d ceo cursed and rained abusive fire in his 'operation just cause' if staffs fail to meet target. This is what NLC and co should be looking at and fighting to eradicate, cos this is modern day slavery! I hope the appropriate bodies will do something about this, as it has been going on for a while. So tell me, is it the employee that should pay for the training and skills necessary for his employers business? Only in Nigeria. NLC call AIG-Imokhuede to order!

2 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by ZACHIE: 2:52pm On Oct 12, 2012
UNION BANK
IT IS IN THE FKCUING BOND
Re: Bank Employees Must Pay Millions If Sacked Early by feelamong(m): 2:52pm On Oct 12, 2012
CRIMINALS LIKE OTEDOLA DEY COLLECT BILLIONS FOR BANK REFUSE TO PAY AND THESE bleeping BANKS NO FIT DO ANY THING!

NA TO HARRASH SMALL SCHOLL LEAVERS DEM SABI.

BUNCH OF NINNYS

2 Likes

Re: Bank Employees Must Pay Millions If Sacked Early by sessydoo(m): 2:52pm On Oct 12, 2012
Wunmi10: iii) The Employee has agreed to enter into the Bond, attend and complete the training programme in Union Bank Learning Academy, Oba Akran Avenue, Ikeja and continue in the employment of the Bank for a period of two (2) years after completing the training programme.


@ op You have already told us ...its union bank. I read it from this number (iii)

the fact dat they use Union Bank training ground doesnt mean its Union bank. Banks sometimes use their counterparts training grounds to impart knowledge. Im not saying u re wrong but it may not be 100 perct guaranteed

1 Like

Re: Bank Employees Must Pay Millions If Sacked Early by linearity: 2:53pm On Oct 12, 2012
WhyAWhy: [size=18pt]As much as I agree that this is not right at all. If the legal system in this country is strong, anyone that signs that bond before getting employment would surely lose the case in court oh.[/size]

Even if signed....not all agreements are enforceable. That is why you are not seeing these banks enforcing these bonds in Court.

1 Like

Re: Bank Employees Must Pay Millions If Sacked Early by Nobody: 2:53pm On Oct 12, 2012
undecided kiss cryIt is definitely ACCESS bank. No wonder their staff die at will of high blood pressure. This country is doomed! Slavery of the highest order. No legislation to provide succor to job seekers.
Re: Bank Employees Must Pay Millions If Sacked Early by KINGwax(m): 2:53pm On Oct 12, 2012
Adeone: my question is simple,must you work in a bank?
you, my friend, is asking the right question

1 Like

Re: Bank Employees Must Pay Millions If Sacked Early by feelamong(m): 2:53pm On Oct 12, 2012
NaijaNaWaa:

What makes you think that the court will exonerate your wife and/or her guarantor from a contract they signed of their own free will?

WERE THE COURTS ABLE TO RECOVER ALL THE MONIES THEIR DEBTORS REFUSED TO PAY?
Re: Bank Employees Must Pay Millions If Sacked Early by jossy26: 2:55pm On Oct 12, 2012
Mehn, this is really crazy. Paying them back after they have sacked you. I bet no one will pay that kind of money, where on earth do they expect a recently sacked employee to pay them that amount. Bank work sha#smh
Re: Bank Employees Must Pay Millions If Sacked Early by Austyn316(m): 2:55pm On Oct 12, 2012
Obinoscopy: Training Bond For A Nigerian Bank: An Enslavement Of Our Labour Force?

Hi fellas,

I came across the Training Bond of a Bank for their new staffs and I wept bitterly for this country and for the poor employment rate in the country. The Bond was nothing short of enslavement of the employee to the Bank. In the Bond, the employee is bound to the Bank and will pay a sum of 2 million naira if he/she decides to leaves the bank before 2 years.

What infuriates me the most is that the liability of the Bond rests squarely on the employee alone (the Bank are not liable in any way). The Bank is not obligated to compensate the employee if they are the ones that decide to terminate the appointment of the employee. In fact, if the Bank decides to sack the employee before the expiration of the 2 years, the employee is still to pay the Bank for the training programme and for the unutilized portion of the 2 years!

I won’t give the name of the Bank but find below the full content of the Training Bond for your perusal and comment:


You have already given us the name of the bank. In the body of the bond we see Union Bank Training School. As a lawyer, I know that this kind of bond is repugnant to natural justice, equity and good conscience. The court will never enforce slavery.

If you have been recruited, go ahead and sign the bond and let us see who would come to claim N2m from you should you decide to leave.

3 Likes

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