alexlee50:
This government has no plan for the economy.we are at the once point we ever had been.

Well.....the problem is that banking in Nigeria has always been risky.

The banks boomed when we had oil money to throw around. Now...we no longer have the oil money to throw around....and deposits are falling...leading to the job cuts.

And something tells me that with oil prices in free fall....this government is going to go the austeirty way. And that means more job cuts. Because....right now we cannot afford it. Unless....you want us to take another loan from the World Bank.

For me....I think that if I was in charge of economic planning in Nigeria right now....I would cut salaries, cut jobs and remove subsidies....while diversifying the economy. Yes...pain....but ultimately.....we get off our oil dependency....and become a serious industrial nation.

SeverusSnape:

You're right, Banks always retrench from time to time, It happened during the time of Yaradua, Jonathan, Obasanjo and it's happening under Buhari. But didn't you see that report of sixty (60) thousand construction workers losing their jobs?, Did you read the report from the National Bureau of statistics some weeks back?...Isn't this an era of "change"?... things should be changing positively or at least remaining as it was; But alas!...It's getting worse.

Things are actually changing positively, but before then a reset has to be done. A vast majority of those contracts were awarded in a faulty and corrupt manner at inflated rates , the banks are wrongfully holding on to state revenue.

The TSA was meant to be implemented by GEJ as far back as 2013 and he just sat on it, he did not have the moral autonomy to do the right thing and face the music.

Buhari has the moral dilemma and he willing to take the step towards repairing what is faulty. Those jobs were always going to go. Now banks can focus on tradings in the traditional manner.

Make dem go join police!

frankyychiji:
Gej issued that directive on TSA when he held sway but hadn't enforced its immediate compliance because the economic experts obviously saw that it will create more problems in trying to solve a problem hence Gej's approach in plugging the avenues of corruption gradually.
Buhari came and in his desperation to make a mark after just few days in office while dancing to the gallery set for him by America and co, he delved headlong into enforcing the TSA without due considerations to the short term and long-term effects of such actions.

At the end we are expecting nothing less than the loss of 100,000 jobs in the banking sector alone and other affected sectors will follow suit.
Sometimes, a good intention might turn out to create more problems than solving the problems.

More of military fiats like this with this kind of effect is on the way.
If Buhari had an economic team in place, I am sure they would have advised for a better approach to implementing the TSA.

Sudden loss of job leads to untimely death!

God bless u brother!.....ive been scrolling through comments right from the first one hoping to see someone who understands correctly what happened here... Buhari just isn't clever enough to understand that there are so many good policies but one needs to consider the ripple effects that would follow if one actualises them so one doesn't get tagged a bad person despite wanting good for the populace.
I know a man like him never listens to counsel and I hope he doesn't drag us deep down the drain with his 'one man mopol' reasoning before his tenure ends but I know for sure it is what our suddenly loving ally-the united states wants for us

ademega:
painful but the sacrifice for change and corrupt free society. when everything stabilize, they will get job and smile again.

hmmm, u think five thousand naira per month will make a once employed man smile? And how many of dem do u think will survive till d tym d phantom 'apc promises' becomes reality? Make we open our eyes o; generally speaking, nothing good is coming from any Nigerian politician.

frankyychiji:
You see now, that is the problem. Another military fiat without due diligence. Directing the police commission to recruit more 10,000 members without carefully considering how to pay them and house them in the face of dwindling economic resources foolhardy.

There are many things a government can afford to skimp on, security is not one of them.

The Nigerian nation has a police to civilian ratio far below the required international standards. The fact remains more police men/women need to be employed to combat insecurity and graft. Thereby allowing the government to save money in other areas

banks needs to start focusing on people now...

SeverusSnape:

Oh, really?!... I had aquintances who were hale and hearty before Buhari came on board, all of a sudden, They are now on sick beds, because of the downward slope of our health care system under Buhari. How about that?

Axeurdaddy:


Mr Severus, Please do not do this. Mention one administration since the days of Obasanjo that people did not lose their jobs.

This isn't about the Presidency, Its a national dilemma. We should be concerned about the solution rather personalising the problem on the Presidency, except if you're happy about it.

boko haram, corruption and others were not national dilemmas when Jonathan was almost crucified abi? the way you pro-apc reason is funny seriously.

chyket:
Its a pity that some people will have to loose their jobs but banks in Nigeria will now have to sit up and do proper banking.The era of sitting on fat government accounts and investing it in trasury bills is over.The banks must finance businesses now or they will go under.

amen o!

iomoge2:
Instead of them to sack bank bosses who have made fortunes n employ younger people, then promote the younger bosses.
Some guys earn as much as 1.5m mostly doing the same old shi.the
Why not use that money to pay 10young people.
Banks are d cause of their problems..
Those old mofos can start a business or invest n make returns

have you forgotten they are the decision makers? Don't even expect that to happen. If you were in their shoe you will do the same.

Sacrifice is a very costly commodity to pay for
- emerged01

iomoge2:
Instead of them to sack bank bosses who have made fortunes n employ younger people, then promote the younger bosses.
Some guys earn as much as 1.5m mostly doing the same old shi.the
Why not use that money to pay 10young people.
Banks are d cause of their problems..
Those old mofos can start a business or invest n make returns

You have made a good point here.

A lot of our banks are "top-heavy". You will see AGMs and above heading units that can be well-managed by a Senior Manager.

When it is time to retrench, the "foot soldiers" are usually the first to go! This is not surprising because the "big boys" are usually part of the decision-making process.

I remember talking to a govt official durnig the PDP era and praying that things should not spoil he replied he wants things to spoil, I asked why he said it is when things spoil and there is confusion that is when he makes money.
Everybody seem to be unaware why Single account has been brought in, it is to block loop holes of corruption, no more accounts for different contracts, accounts for this and that where one commissioner or government official can divert monies into hidden accounts some states are operating so many multiples of thousands of different accounts that nobody in the state really knows the true number, the real reason why when the then CBN governor Alh Lamido was kicked out was becos he was pushing 4 this policy.
Nigerians it is your money if the banks are complaining and sacking people becos the gov wants to plug corruption let them go and learn how to do real banking business and become part of the solution instead of being part of the problem.

bushdoc9919:


Well.....the problem is that banking in Nigeria has always been risky.

The banks boomed when we had oil money to throw around. Now...we no longer have the oil money to throw around....and deposits are falling...leading to the job cuts.

And something tells me that with oil prices in free fall....this government is going to go the austeirty way. And that means more job cuts. Because....right now we cannot afford it. Unless....you want us to take another loan from the World Bank.

For me....I think that if I was in charge of economic planning in Nigeria right now....I would cut salaries, cut jobs and remove subsidies....while diversifying the economy. Yes...pain....but ultimately.....we get off our oil dependency....and become a serious industrial nation.

Bro I agree with u, but there are still some more things I would like to add to yours.one of which is this:let the banks be given part of the foreign reserve to manage.they could first ask them to raise their capital base to 1billion dollars, this would of course trigger mergers among some banks.some others may be able to do it alone but in the long run, we will have fewer but stronger banks.giving them part of the foreign reserve to manage would increase the level of liquidity in the system. It would also afford the banks to give out long term loans at lower interest rate.it would also improve the credit level of the econonomy.they should also make sure that 60% this loan should be given to manufacturing/agro allied industry.just imagine the amount spent on rice importatation yearly, think of what we will save if we are able to produce enough rice for the population and even export, palm oil, olive oil, groundnut oil and others.it would not only provide income but it would also provide employment but the banks are key to attaining this objective.

Axeurdaddy:




Did you know that over 70% of Nigeria's 80Million youths were unemployed during GEJ's administration??

You guys should continue biko. I'm loving and enjoying the discussion

dejavski:
The era of "the poor killing themselves" for survival is nigh

Such will not be by His Grace

Ijaya123:
I don't believe this story. So the affected banks don't have names?

I wonder o! Nigerian journalists and the usual antics. What is wrong with naming the banks?
Aren't they sure of their facts?

Enough of "one of the first generation banks"..."a new generation banks"...

Would it be defamatory to simply name them?

Cc: hardbody, queenfav, christinie

Our foundation suppose to be technical education, skill acquisition centres and few theoretical universities

Charly68:
This is the multiplier effect of oil price downfall...single treasury account is just an excuse from the banks to downsize their staff strength.

God bless you for this comment.

Banks are always on the lookout for "excuses" to trim staff and maximize their PAT.

If it's not TSA, it would be CRR; if it's not CRR, it would be regulatory headwinds.

Capitalism....

bushdoc9919:


And something tells me that with oil prices in free fall....this government is going to go the austeirty way. And that means more job cuts. Because....right now we cannot afford it. Unless....you want us to take another loan from the World Bank.

For me....I think that if I was in charge of economic planning in Nigeria right now....I would cut salaries, cut jobs and remove subsidies....while diversifying the economy. Yes...pain....but ultimately.....we get off our oil dependency....and become a serious industrial nation.

GEJ met a booming economy, didn't make good of it, when oil price fell fed govt borrowed money to pay workers which to any sane economist was an insane thing to do and then he left a moribund economy
preceding any form of construction is a bit of destruction. that is what's in PMB's time

Adesiji77:


I wonder o! Nigerian journalists and the usual antics. What is wrong with naming the banks?
Aren't they sure of their facts?

Enough of "one of the first generation banks"..."a new generation banks"...

Would it be defamatory to simply name them?

Cc: hardbody, queenfav, christinie

yes?

Axeurdaddy:


A lie Okay

In a
recent letter to the finance minister a forum of unemployed
graduates demanded evidence for the existence of the purported
new jobs. A central bank official said last year that 70% of
Nigeria’s 80 million youths are unemployed. DM



Culled From:

www.dailymaverick.co.za/article/2015-03-11-africa-check-has-nigerias-ruling-party-really-brought-power-to-the-people/#.VfO6C-tw1YA

Axeurdaddy:


A lie Okay

In a
recent letter to the finance minister a forum of unemployed
graduates demanded evidence for the existence of the purported
new jobs. A central bank official said last year that 70% of
Nigeria’s 80 million youths are unemployed. DM



Culled From:

www.dailymaverick.co.za/article/2015-03-11-africa-check-has-nigerias-ruling-party-really-brought-power-to-the-people/#.VfO6C-tw1YA

Axeurdaddy:


A lie Okay

In a
recent letter to the finance minister a forum of unemployed
graduates demanded evidence for the existence of the purported
new jobs. A central bank official said last year that 70% of
Nigeria’s 80 million youths are unemployed. DM



Culled From:

www.dailymaverick.co.za/article/2015-03-11-africa-check-has-nigerias-ruling-party-really-brought-power-to-the-people/#.VfO6C-tw1YA

And now more numbers are been added maybe by Dec or Jan. next year unemployment will rise to 95%. If now it's difficult to reduce what of then in d feature .

Where did
U get ur exact figure from?he promised to tackle unemployment, did he say 2million jobs?and again u said annually,buh he has spent 100days in d office,y don't u look b4 u leap!!!

SeverusSnape:
Since Buhari came on board, thousands of Jobs have been lost. But the dull'ard promised two million jobs annually. Maybe he meant the opposite. Because he can be confused most of the times.

I just hope my friends who are Bankers won't be sacked.

donogaga:


http://leadership.ng/news/460520/banks-begin-massive-sack-over-treasury-single-acct

Ryt now only Union Bank is Not shaking.... Building a simple, smarter Bank!

For christ sake what are some pple saying? Why must we allow sentiment blind us to see the goodness in some policies? Why do we look at the dark sides and not the bright sides always? Why are africans always interested in the short term benefits at the expense of the long term benefits? Why do we always prefer to gratify our immediate needs and that of our relatives and friends but refuse to care about the society at large and the unborn generations?
Axeurdaddy, do you mean that you feel more comfortable that few pple should to continue to benefit at the expenses of the majority who are in abject poverty just because you don't some few friends and relative of yours to be relieved of their job.
Can a part of a machine that need replacement be repaired without affecting some parts that are in good shape? The truth is that without challenges we won't learb to solve problems. Let workers be laid off on short term so that it can lead to long term benefit of job creation for majority of the jobless Nigerian. Please stop unnecessary criticism of the government in power just because you habor personal resentment for him. It is not constructive, it pulls down and causes chaos.
This is my humble submission

christinie:
yes?

Thanks for coming on board.

Enlighten me please, would it be defamatory to simply mention the names of the banks in question since no "allegation" is involved?

The last time I checked it was & is Buhari that is Nigeria's president so why are u giving him excuses? During Jonathan's administration every heat was poured at him and not OBJ or Yar'adua. The reason why the incumbent was voted was because of APC promises to fix the wrongs to right so shut up if you don't have anything to say

Axeurdaddy:


Mr Severus, Please do not do this. Mention one administration since the days of Obasanjo that people did not lose their jobs.

This isn't about the Presidency, Its a national dilemma. We should be concerned about the solution rather personalising the problem on the Presidency, except if you're happy about it.

donogaga:


http://leadership.ng/news/460520/banks-begin-massive-sack-over-treasury-single-acct

Banks want excess profit. Using this as an excuse..... IF U WANT TO JOIN FORBES RICH LIST IN TEN YEARS, JUST OPEN A BANK WITH SOME RICH CRIMINALS.

If the news is authentic it is not defamatory.

Adesiji77:


Thanks for coming on board.

Enlighten me please, would it be defamatory to simply mention the names of the banks in question since no "allegation" is involved?