omenka:
Thought you didn't know he was the one when you gave him the first reply. Dude has been sad since Jonathan's loss and has sworn over his dead body to see any propriety in whatever the govt does. All his comments and opinion of every action taken by the admin is purely based on his raw hatred for the person of Buhari. Dude can certainly never be helped.

grandstar:


As much as I would like to condemn the banks, I will desist from doing so.

The banks are in a super competitive environment and have to be suoer conscious of cost.

The best way to curb the excesses of banks is tgo have a booming economy where lots of jobs are being created.

For example, if the country was growing by 8-9% per year, the economy will be creating more jobs than those entering the labor market yearly. If this goes on for a number of years, it will mop up the excess pool of unemployeds and underemployeds leading to a tight labor market.

Workers will be priced and wage growth will be high. This has occured in China and many Southeast asia countries.

If you want bank workers to be treated the way you want, there will be massive redundancies and there will be no outlet to absorb them.

989900:


This already summarized everything.

BTW, the governments spent billions bailing out same banks some years ago which they are yet to repay.

Government monies have been largely funding the banks for years -- you can call the government, 'shareholders'.

The government has turned a blind eye to all their fraudulent activities for years.

The government is asking them to exercise patience for things to turn around, or compensate the employees adequately as stipulated by the law, if they will be fired; not just use and dump them.

But everything these days has to take a political/sentimental turn.

koboko69:
Today, u wake up 4am in the morning, have your bath, prepare the kids, spend hours in the traffic, get to work, settle down, only for u to log on, and see your password have been disabled. You have been sacked!!!! And every one seems comfortable with this development. At the end of the year, they declare mind blowing profits.
They employ as a contract staff, pay you as a contract staff, you work as a full staff,make money for them as a full staff, then when they are done using u, they sack u as a slave staff.

If you are one of those who insulted Ngige, a big Shame on you!

If licenses are withdrawn, doesn't necessarily mean mass sack...ask me how?

Einl:


Bros you get sense....remain blessed... you sound like an ex bank worker...

iswallker:
na you wan enforce all these rules wey you dey bold for here bah...

if you are made redundant...nor go find another work or better still start your own business..

dey there dey quote law...

forgiveness:


In case of South Korea, you must pay 3 or 6 months salaries after sacking the employee.

What is the case with Nigerian labour law? Do they pay for 3 or 4 months after sacking?

989900:


I'm not sure what the law states in 9ja oh . . . but it wouldn't be use and dump as practiced.

oloriooko:
My question is very simple: how will withdrawing their licenses help the labour narket? A bank planning to lay off 200 workers and retain 500 will eventually end up laying off 700 workers if its license is withdrawn

The Minister was too naive and impatient to play the license withdrawing card while the avenue of dialogue had not been explored. Thank God some sense was pumped into his head to forestall the planned mass sack.

On the other hand, disobeying the rule of law is common with the FG so banks following suit is not new.

oloriooko:
My question is very simple: how will withdrawing their licenses help the labour narket? A bank planning to lay off 200 workers and retain 500 will eventually end up laying off 700 workers if its license is withdrawn

The Minister was too naive and impatient to play the license withdrawing card while the avenue of dialogue had not been explored. Thank God some sense was pumped into his head to forestall the planned mass sack.

On the other hand, disobeying the rule of law is common with the FG so banks following suit is not new.

koboko69:


Oh, are u talking about the same banks that were bailed out by government with about 600bn Naira just a few years back? Now they can't be patriotic and do things the right way. Do you know how the executives of this bank share money and how much they collectper anum. The issue is not about sacking, its about following due process in doing so. The executives can as well apply austerity measures to themselves first. Off course they wont, for their selfishness and self centeredness. They will rather push it to sacking of innocent staffs.

wristbangle:


The answer to be bolded as we all know is self centred, selfish, greedy and corrupt set of top ogas sharing the cake alone. Imagine when downsizing and right sizing, they want junior/contract staffs to feel the heat without any of them involved.

They collect 3million and above as monthly salary but people earning meagre 80k-100k will most likely face the brunt more when they are doing massive sacking using economic situation to justify their silly act.

grandstar:


The mass sackings is because the banks are in dire straits. Expecting them to award fat payoffs though righteousness may only worse their finances which is a big risk to the economy.

Ther blame should be on Buhari who introduced forex controls that brought the economy to this dreadful state.

adaweezy:
Can I republish your article elsewhere?

AprokoNaija:


Kindly permit me to republish this... Sure, you will get your credit...

koboko69:
Many Nigerians where awakened with a rude shock from the minister of labour and employment threatening to withdraw the licenses of banks who failed to obey the directives of the government on mass sack and come to the negotiation table.

It is a pity that, political differences, tribal and ethno religious hates have really beclouded the sound reasoning of many Nigerians. The honourable minister clearly stated and i qoute

“The federal government gave the licences to the banks to operate and if its directives are not adhered to the licences will be withdrawn if the need arises,” he said.

“We will go a step further if they continue. We know what to do. They need to comply. They need to come to the negotiation table. We halted the spate of sack in the oil industry and we succeeded.

“Even if you are going to lay off, there is a way to declare redundancy, there is a process. Section 20 of the labour act says it. You must call the unions and discuss with them. You don’t just treat them as slaves in their own country and you want us to keep quiet.

Unfortunately the same Nigerians being fought for have been taking a swipe at the honourable minister and the present government for this threats. Hauling all manner of attacks on the present government and the minister. It even degenerated to political party attacks. Was Ngige wrong in his assertions?

Lets take a look section 20 of Nigeria Labour Act.




Did any of the banks follow any of the processes outlined in the Labour Act?

As a matter of fact many Banks have even cowered their sraffs into a position where they are not allowed to form any union or join any union within their establishment. Many Nigerians workers don't even know this is very wrong.

Lets take a look at Section 9 subsection 6 of the Nigeria Labour Act.


Now my question is are private sectors exempted from the Nigeria Labour Act? A big NO, both private and public sectors are bounded by the Law.

Many Nigerian workers don't even know there rights are being trampled upon by their employers. If you go through all the contents of the Labour Act, you will be amazed at how much your rights have been trampled on. Unfortunately it is already a way of life, that even when a minister tries to correct the abnormally, the slavery mentality kicks in, the political differences kicks in, the hypocritical hate kicks in, and the whole process is stalled again.

Enough of hiding under the guise of scaring investors away. Any investor who have good intentions for Nigeria and her citizens, and are not coming to milk/use and enslave Nigerians will not be scared because of threats or sanctions occasioned by laid down laws being flouted. They knew the law before the came to invest. These investors abide by the laws in other countries and come to Nigeria to turnher citizens to slaves in their own country.

NIGERIANS, ENOUGH OF THIS SLAVERY MENTALITY!

Read the full Labour Act here:
http://www.nigeria-law.org/LabourAct.htm

Please Note; This applies to all private sector. I only used the banks as a case study because of the honourable minister's threat to withdraw licenses of defaulting banks.

Iko5000:
Yes we have labour laws which surprisingly are very good but has any Nigerian Govt applied the laws to any private company - answer is no
Does Govt apply the labour laws to their government workers to protect them , answer is no too.
So Labour Minister ,charity begins fat home . Apply the laws to the civil service first and then you can tackle the private sector too.[size=13pt][/size]

koboko69:


I have tried to avoid this. But since u brought it on, i will give it to u too. Blame Buhari? Guess we should blame Jonathan too for depleting our foreign reserves. Buhar is not responsible for fall in oil price which is our major source of Fx. Where Jonathan and Yar'Adua made a cosmetic and phantom defense of the Naira with a Whooping $20bn, Buhari has no such money. Sanusi was able to recue the same banks who ran into trouble for practising unhealthy banking like giving loans to friends, business allies relatives and families which were not being serviced becauw we had a robust reserve. Where Jonathan sold oil for average of 100usd per barrel for about 3 years he was not able to save. Note that Yar'Adua was able to raise reserves from 47bn to $63bn in just about a year. The blame game is a really long chain

grandstar:


It was Soludo and Sanusi that made a senseless defence of the naira and not Jonathan and YarAdua.

Buhari on the other hand has commandeered the CBN and hence must fully hug the blame. He has obstinately refused to allow the naira to find its true value and has stuck to fixing it at way below it's true value leading to epic scarcity and an unnecessary recession.

Stop being sentimental. Buhari's currency peg has devastated the economy. It's almost as bad as printing money to cover the deficit. This is lamentable economics. This is not a half baked policy but an utterly useless one.

Worse despite blatant signs that these policies were not working within 3 months of their implementation such as Letters of Credit going unhonored, he stuck rigidly to them.

His impeccable integrity does not make him an economic genius . Do not forget that.

koboko69:


This is not being sentimental...will devaluation of Naira provide the needed fx to cover Nigeria import needs?