Mass Sack Looms in First Bank
^{By Linda Eroke, 08.31.2009}

A fresh conflict may be brewing between the Trade Union Congress of Nigeria (TUC) and  First Bank of Nigeria Plc over planned lay-off of some 450 members of staff.

TUC has warned against retrenchment of workers in the ongoing restructuring exercise in the bank.

But a source at the premier financial institution who spoke on condition of anonymity denied the retrenchment news, saying it is undergoing a rationalisation exercise that would create room for employees to retire voluntarily.

The source declined quoting a figure. He simply stated that “all I know is that First Bank is about to carry out a rationalisation exercise that could lead to voluntary retirement of some workers".

TUC disclosed that it was informed of the exercise through one of its affiliates, the Association of senior staff of banks, insurance and financial institutions (ASSBIFI).

In a letter to the bank, the union said that the plan is counter productive and would therefore be resisted by labour.

TUC explained that the current financial crisis in the country which has its root in poor risk management practices by banks, created the major issues that culminated in high non-performing loans in the system.

The congress argued that the crisis was not caused by workers and as such should not be made to bear the brunt.

“We are obliged to write and reject the proposed exit of over 450 staff of the First Bank Plc as reported to us by one of our affiliates namely the Association of senior staff of banks, insurance and financial institutions (ASSBIFI).

“While we view the exercise as such that would be counter productive, it is on record that the current financial crisis in the country was not caused by workers, but has its root in poor risk management by the banks, which the Central Bank of Nigeria (CBN) put in perspective, created the major issues that culminated in high non-performing loans in the economy.

“We in particular urge your management to organise stakeholder forum embracing officials of your bank, the trade unions, CBN, and the Federal Government, where critical issues affecting the fortunes of the bank could be  deliberated upon, and better solutions proffered,” it stated.
The union urged the management of the bank to adopt a more scientific and humane approach to moving its organisation forward. It warned against creating a situation that could threaten the existence of the bank.

Meanwhile, Acting National President of ASSBIFI, Mr. Sunday Salako, said that the association had stressed the need for the Federal Government to insulate the financial system from the negative impacts of the financial crisis.

He regretted that the union’s call fell on deaf ears as the CBN and the Nigerian Stock Exchange (NSE) consistently assured the country that the global crisis would not affect the financial system.

“ASSBIFI believes that the financial sector is crucial to driving any national economy, which productive labour is critical to this process.  Thus, if workers are to lose their jobs, they must have other means to productively contribute to the national economy. This is what the law provides for through redundancy package.  Any company that violates this provision shall receive the full wrath of workers’ resistance,” he stated.
Salako, who emphasised that employees are the first casualties of any economic crisis, called on TUC and the Nigeria Labour Congress (NLC) to mobilise workers for massive rallies and campaign to protect their jobs.

http://www.thisdayonline.com/nview.php?id=153170

Is this FBN's own response to the Sanusi rampage?

The congress argued that the crisis was not caused by workers and as such should not be made to bear the brunt.

only if life was that fair

The Sanusi game plan is on! Watch as events unfold.
The banking industry is about to be turned into a typical government institution where quota system rules.
The retrenchment of First Bank workers is to pave way for the introduction of almajiris into the system!
Watch as events unfold! I pity for Nigerians!

I wrote this in Nairaland on March 24th 2009 and many folks were shouting blue herring!! It is already happening!

It is the same Northern Cabal that has held Nigeria back all these years, trying to take over the banking industry which they lost a grip of during the consolidation exercise!

It's a pity how ignorant Nigerians(many of them Nairalanders) keep helping these very few oligarchs rape them of every opportunity and resource they have!! You better get wiser!You've been raped with JAMB,Quota system, Land Use act, Federal character and all the other jargon they've used over the years. Now its time for the banks!
If they succeed in making Government buy stake in the top 5 banks, the first thing they would introduce is Federal Character! They sack half the people working in these banks and fill them with their illiterates , the same way they did NNPC, NPA and all the other government agencies!
You better wake up!

https://www.nairaland.com/nigeria?topic=250760.msg3637915#msg3637915

somebody posted long ago that the banks will drop staff,is this the beginning of that story?

hmmmmm

Oh, I pity the poor bankers

@ Papabrowne, please stop crying wolf unnecessarily What did you predict? How can ANY government insist on quota in private sector organisations that is 100% owned by shareholders?
Do you work in FBN? Do you know that the majority of even those to be shown the way out are people with WASC that joined 30 years ago, are in managerial positions and contribute Zilch to the growth of the organization?
What almijiri is going to pass an aptitude test in this age?
All this misinformation that you're spewing about-

If they succeed in making Government buy stake in the top 5 banks, the first thing they would introduce is Federal Character!

, For God sake, on what indices do you rate Finbank, Afribank, Union Bank and even Intercontinental as the top banks in Nigeria? Top in what? During which period were they ever top in Nigeria?
Even vanguard with their banana journalism rate these banks as top banks, this is so embarrasing to say the least.
Firstbank's problem is their talented staff turnover rate is just TOO high, can you imagine being on one grade for 3years without being promoted from entry level? Where else do you find that, coupled with shitty pay and manual labour that they call banking??
Diamond bank that practices Igbo banking and ETB that exhibits yoruba banking nko? You're here saying Sanusi is pursuing northen agenda. Northerners DO not like school, HATE to work even more than going to school for your information.
Tell us something new and original(backed with facts) and quit feeling like a doomsday soothsayer please

PapaBrowne:

The Sanusi game plan is on! Watch as events unfold.
The banking industry is about to be turned into a typical government institution where quota system rules.
The retrenchment of First Bank workers is to pave way for the introduction of almajiris into the system!
Watch as events unfold! I pity for Nigerians!

I wrote this in Nairaland on March 24th 2009 and many folks were shouting blue herring!! It is already happening!
https://www.nairaland.com/nigeria?topic=250760.msg3637915#msg3637915

You're a very foolish guy, even more foolish than I initially gave you credit for, if you actually believe that garbage you've typed up there.

@ darqly

Do you work in FBN? Do you know that the majority of even those to be shown the way out are people with WASC that joined 30 years ago, are in managerial positions and contribute Zilch to the growth of the organization?

With all your wisdom you really believe that someone with 30 years experience in a bank contributes nothing just because the only paper degree they have is WASC? Boy o boy, you have a long way to go

Pls could the above posters adopt a more matured strategy? This is not a forum for name-calling neither will it get nobody anywhere. I believe with our more posts we can help this great country. Believe u me, the affected people (or their media-dogs) read nairaland and I believe they are watching.

Rather than derail from the original post, let us make sensible posts and take our personal beefs and scuffles elsewhere. God bless

pappilo:

@ darqly

With all your wisdom you really believe that someone with 30 years experience in a bank contributes nothing just because the only paper degree they have is WASC? Boy o boy, you have a long way to go

Bros, u'd be so so shocked that they don't contribute zilch. With the new performance appraisal system, it's easy to see that. However, there are a few that have been able to be dynamic in their thinking, adapting to the new 'non - manual' banking system, but they'll probably be less than 5% of the oldies.

If they think they're worth much more than First Bank is valuing them, they're always free to seek employment else where.

Papabrown,
am really surprised that we still have somebody like you in this country,you need to move out from your shores and see the caliber of people the Northerners has in stock.

yeah, one of those sadd episodes!

May God intervene.

@ el-pacino

I feel you  

@ dargly
You better quit acting as if you have'nt come across one of those fresh graduate in town who finds it so hard to make a meaningful sentence  

ziddy:


You're a very foolish guy, even more foolish than I initially gave you credit for, if you actually believe that garbage you've typed up there.

Mr Zidddy or whatever you call yourself! I have my strategies and I know what I'm doing! You don't mean a thing to me so I can choose to ignore you. However, out of courtesy, I will give you the benefit of doubt and attribute your rant to sheer ignorance.
On the issue of foolish, I bet you man, you can't stand anywhere near me in any fora in which I stand. Your intellectual capacity doesn't match man. . . . .nah, not your type!! So if I'm anywhere near foolish, then I wonder what you are!

@darqly
If you understand Nigeria, you'll know that anything is possible. Sanusi has practically destroyed the private sector(not with his reforms), but with his attitude. I don't care much about his Northern Agenda- none of such agendas(JAMB, Quota system, Federal Character, ETC) have helped the northern masses anyway.

What I care about is the damage he is doing to the country's future. Seriously, how can businesses or an economy thrive without loans. This guy has made nonsense of practical economics. The banks are now scared stiff to give out loans, entrepreneurs are now averse to taking loans. This is ridiculous.
Nigerians are very sentimental, and the only way you can get their attention is with ethnic, tribal or religious issues.

@Topic
Why would First bank choose to retrench 450 staff at a time there is crisis in the sector. It just doesn't make sense especially when you consider that such a move would send signals that you are in distress, so you are trying to downsize. There is much more to it. And Sanusi is definitely liable!

El-Pacino:

Papabrown,
am really surprised that we still have somebody like you in this country,you need to move out from your shores and see the caliber of people the Northerners has in stock.

El Pacino, I know! And I have many of them as friends. Mind you, I speak their language.
There is this misconception that acting politically correct automatically equates to being an intellectual. That's nonsense!

banking sabotage

u guys should be mature about ur responses and utterances. if its true i think it is another worst thing to happen to d nigerian economy.

@pappilo- It has nothing to do with the WASC, I know that the experience counts even if it's just to be able to spot a cloned cheque. But pray, how do you teach a man who is used to customers coming to pay him homage to sign their overdraft or loan applications, to agree that the CUSTOMER is king and roles need be reversed??
Do you know a senior manager's LEAVE allowance is almost what an ET earns PA?? The issue should be what value, how much value can they bring in? And since it's FBN, sadly, the answer is next-to-nil.

@papabrowne- I beg to disagree that banks are scared to give out loans now, or that entrepreneurs are scared to access these facilities. There are businesses that need periodic injections of cashflow, mainly from banks, to thrive. Such businesses are legit, are growing/going concerns and are indeed profitable.
All that is needed is due process, proper documentation, the applications must meet the minimum requirements of regulatory bodies and indeed the financial institution involved.
As a matter of fact, these banks failed not directly as a result of the MDs/CEOs, but as a result of lapses from internal control and level management. These are internal police, where were they when credits with weak credentials were being appproved?

darqly:

@pappilo- It has nothing to do with the WASC, I know that the experience counts even if it's just to be able to spot a cloned cheque. But pray, how do you teach a man who is used to customers coming to pay him homage to sign their overdraft or loan applications, to agree that the CUSTOMER is king and roles need be reversed??
Do you know a senior manager's LEAVE allowance is almost what an ET earns PA?? The issue should be what value, how much value can they bring in? And since it's FBN, sadly, the answer is next-to-nil.

@papabrowne- I beg to disagree that banks are scared to give out loans now, or that entrepreneurs are scared to access these facilities. There are businesses that need periodic injections of cashflow, mainly from banks, to thrive. Such businesses are legit, are growing/going concerns and are indeed profitable.
All that is needed is due process, proper documentation, the applications must meet the minimum requirements of regulatory bodies and indeed the financial institution involved.
As a matter of fact, these banks failed not directly as a result of the MDs/CEOs, but as a result of lapses from internal control and level management. These are internal police, where were they when credits with weak credentials were being appproved?

Bros , i agree with you man , i concur with the recent activity of the CBN by Sanusi lamido sanusi , and also i dont think that FIRST BANK PLC is having any problem with its financial's 'cos of the Retrenshment / vountary resignation of some of its staff as stated in the Forum , cos i think in the Nigeria banking sector , if we are to check & confirm the strongest if you can permit me to say , of the banks in 9ja today i think its FBN and so i think i'll stick with Darqly.

darqly:

@pappilo- It has nothing to do with the WASC, I know that the experience counts even if it's just to be able to spot a cloned cheque. But pray, how do you teach a man who is used to customers coming to pay him homage to sign their overdraft or loan applications, to agree that the CUSTOMER is king and roles need be reversed??
Do you know a senior manager's LEAVE allowance is almost what an ET earns PA?? The issue should be what value, how much value can they bring in? And since it's FBN, sadly, the answer is next-to-nil.

@papabrowne- I beg to disagree that banks are scared to give out loans now, or that entrepreneurs are scared to access these facilities. There are businesses that need periodic injections of cashflow, mainly from banks, to thrive. Such businesses are legit, are growing/going concerns and are indeed profitable.
All that is needed is due process, proper documentation, the applications must meet the minimum requirements of regulatory bodies and indeed the financial institution involved.
[b][b][b]As a matter of fact, these banks failed not directly as a result of the MDs/CEOs, but as a result of lapses from internal control and level management. These are internal police, where were they when credits with weak credentials were being appproved?

[/b][/b][/b]

@ dargly

I want to believe that u are not a Nigerian or at least doesn't stay in the country. Nigeria is a different country entirely that does things the other way round. If u are part of the team of internal control pple, will u object what ur boss (MC/CEO) approved? will u even see the paper? Pls, face reality---- all these CEO's are liable for all the non performing loans.

Hmmmmm, there is no "qualms" for too much "uhuru" here. Its all the effect of GLOBAL FIN. MELTDOWN. Dont 4get.
We are import dependent and corruption ridden nation. All over the world, the prices of goods and services dropped
but, Nija's case was the reverse. Instead, the FGN decided to devalue the currency just to sell dollars at higher rate to
meet up their budget deficit/shortfall and deterred the oil & gas mkters from selling at the price they wanted to sell based
on how much they bought them thereby incurring losses which hindered them from meeting their obligations to the banks.
Too bad. Let, Sanusi cool temper ooo. In risk mgt, u dont need to be hasty in decision making. Even the appointments of the
acting CEOs, what were the requirements, antecedents etc. Why not the FOLA ADEOLAs of GTB.

As per whether Sanusi intends to sell the banks or not, i dont give a damn. Its highest bidder's game. I am ready to work
for now and for whoever. No probs my guys. Let him go on and let the sacked excos explain themselves. Afterall, they started
it all by sacking/firing bank managers/staff for poor credit administration, target achievement and what have u.


Later guys. Keep in touch.

again, when will it end

too sad