₦airaland Forum

DIKEnaWAR:
lol. I see Buhari wishing that his time is up so he can start attending Council of state meeting without all the worries of the country on his shoulders.

I wonder why Buhari chose the terminal period of his life to mess up the reputation he has built over the years, because of greed for the Presidency . Now, he'd go down the way of other Nigeria leaders; insulted by the masses daily.

Uneasy lies the head that wears the crown. ...

I do not see how trying to diversify the economy through mining and agriculture, ending insurgency and economic sabotage in whatever guise and instilling probity in governance, amount to 'messing up his reputation.

In the end, I assure you, many of these people will have to eat their own words. Mind you respite has returned to the North East, Nigeria's export increased by over 60% in Q2, approvals have been given for massive employments by some MDAs, Nickel has been discovered and Ajaokuta Steel Company is been resusitated. It can only get better!

basilo101:
Dayo Oketola, Nike Popoola, ‘Nonye Ben-Nwankwo, Fisayo Falodi, Gbenro Adeoye, Tunde Ajaja, and Jesusegun Alagbe

Hit by the current economic recession in the country, most money deposit banks and insurance firms have slashed their workers’ salaries by between 20 and 50 per cent.

Investigations by Saturday PUNCH revealed that Diamond Bank Plc, Heritage Bank Plc, Zenith Bank Plc, First Bank Plc and Wema Bank Plc have reduced their workers’ salaries as of August 31, 2016. This has also been confirmed by management sources and workers in the affected banks.

While Diamond Bank was said to have slashed salaries by 30 per cent, Heritage by 30 per cent, First Bank and Wema Bank workers’ salaries were slashed by 20 per cent each.
It was learnt that the banks tied the decision to cut salaries to workers’ ability to meet deposit targets, which have become unrealistically high in recent time. Hence, workers who failed to meet their targets had their salaries slashed.

Investigations also revealed that some insurance companies have extended the targets of premium generation to their employees.

Before, the marketing departments of the underwriting firms and insurance agents were responsible for generating premium for the companies.

Due to the economic crisis in the country, many insurance firms increased the targets for their marketing departments’ workers with threats of not paying them salaries if they failed to meet it (targets). As such, insurance workers who failed to meet their premium targets, according to industry sources, also had their salaries slashed.

An insurance employee, who spoke to one of our correspondents, said, “Before, it was only the marketers that they used to give targets to. Now, some of us also have targets ranging between N40, 000 and N100, 000 monthly and our promotion and salaries are tied to our performance.”

A Zenith Bank worker, who simply identified herself as Nkem, confirmed the slash in salaries.

Nkem said she resumed work after her annual vacation only to discover that she didn’t get the same salary that she had always received.

Similarly, another Zenith Bank employee, who spoke on condition of anonymity, told one of our correspondents that there was eight per cent cut in their salaries, beginning from August.

The source said the reason given by the bank was that the workers had not been paying the correct tax, hence, the bank had to start the deduction to regularise the tax payable.

On the fear that some workers could be sacked, the source said such fear had always been there, but the current one was beyond description.

He said, “The problem now is that there has not been any promotion since last year, which seems strange.”

An employee of First Bank, who spoke on condition of anonymity, said he had been sleeping and waking up in worry in the past two weeks due to fear of being sacked.

The banker, who just got married in Lagos, said workers had received an email from the bank’s Managing Director about a “new development soon.”

He said, “We have been receiving hints of more lay-offs due to the economic recession in the country, which has deeply affected the banking sector. Some employees lost their jobs two months ago. We also learned that another set of people will be laid off between September and October.”

Saturday PUNCH learnt that Ecobank has yet to slash its workers’ salaries, but there is apprehension among the bank’s employees that their pay might be slashed any moment from now.

One of the bank’s senior members of staff, who preferred to be addressed as Handsome Guy, said it had become a tradition among Nigeria’s banks to be imitating one another’s policies, especially those affecting workers’ welfare.

A worker with First Bank Plc, who simply identified himself as Jimson, confirmed to one of our correspondents on Thursday that most bank workers now go to work with the fear that they could be sacked anytime.

“There is perpetual fear in all banks. Every category of workers in the banks is affected by the economic crisis,” he said.

He, however, noted that some bank workers had been resigning and travelling abroad, especially the United States and Canada, to avoid being sacked.

Jimson said, “One of my colleagues just resigned last month because of the fear of losing his job and travelled to the U.S to seek greener pastures. But those who are not interested in leaving Nigeria have devised many means to survive the harsh economy should their letters of sacking come anytime. They are setting up small scale businesses.

“The most common ones are laundry services and restaurants which require capital outlay of N500, 000.

“The academically-sound ones among them have been moving to private universities to take appointments there. The problem is on the high side now. There is perpetual fear among bank workers that they can be fired at anytime.”

The National Union of Banks, Insurance and Financial Institutions’ Employees confirmed the development in the banks to Saturday PUNCH.

NUBIFIE Secretary General, Mohammad Sheick, said the issue had become a serious concern to the union.

Sheick said, “There is apprehension in the banking sector. Recently, there was mass sacking by banks and the Federal Government directed that those who were sacked during that period should be recalled.

“We have had about two meetings with the Federal Ministry of Labour on the issue and we are hopefully looking at the possibility of the ministry calling us to another meeting so that we can have an understanding on how to respond to the emerging issues like economic recession and other factors that are affecting the operations of banks.

“Even before the economic recession, the banks have always responded to any policy of the government negatively. The first thing that came to the mind of the banks’ management, which the union has always disagreed with, is to lay off workers.

“They (banks) have to think outside the box and objectively. If they want to cut cost or reduce certain expenditure because of certain government’s policy, then the reality is that they should know where they should direct their attention.

“I can volunteer to say that the thing that eats deep into banks profit and loss is nothing other than the kind of lifestyle of the management staff of the banks. For example, the monthly salary of one executive director is more than the salaries of 100 workers. This is apart from other privileges and perks attached to him as an executive director.”

The Head, Corporate Communications, First Bank, Mr. Babatunde Lasaki, denied that the lender cut its employees’ salaries.

In a response to an emailed question, he said, “This is totally incorrect and unfounded. First Bank staff salaries, allowances and bonuses are being fully paid as and when due.”

The spokesperson of Zenith Bank, Mr. Akin Olaniyan, could not be reached on the telephone. Text message and email questions sent to him were not responded to.

The spokesperson, Diamond Bank, Mike Omeife, denied that the bank had cut the salaries of some of its workers.

The Director-General, Nigerian Insurers Association, Mr. Sunday Thomas, said everybody is a marketer in the insurance firms because they need the premium to operate all the departments.

“It will not be out of order for the companies to give employees targets except the target is unrealistic,” he said.

However, economists said the high deposit targets and the attendant fear by bank and insurance workers could be a strategy by the two industries to survive the current economic reality in the country.

A renowned Economist and Managing Director, Cocosheen Nigeria Limited, Ikeja, Lagos State, Mr. Henry Boyo, agreed that such a measure could be a strategy by banks to remain in business.

He said, “Every sector in the country is affected by the economic crisis, not only the banks. For instance, if a company asks you to pick between being sacked and your salary being reduced, I think most people would prefer the latter option. This could be what is happening.”

Another Lagos-based economist, Dr. Babatunde Abrahams, predicts the mass sacking of workers in banks and insurance firms going by the latest development.

He said, “If anyone has been watching economic trends for a while in the country, you will discover that the sacking of workers is inevitable. Banks trade with customers’ deposits, but I can tell you that very few people have money in banks in this harsh economic period.”
http://punchng.com/economic-recession-banks-insurance-firms-slash-workers-salaries/?utm_source=twitterfeed&utm_medium=twitter

There are other smarter ways to sustain profitability while keeping their staff, just that most of them are not open to new initiatives and those involved in diesel supplies just can't let go. The management's of these banks and insurance firms must begin to look at their expense heads, especially diesel costs.

It has been proven globally that lowering heat radiation into buildings reduces as well as downsizes air conditioning equipment and energy costs. It is also a known fact that air conditioning accounts for 40-60% of total energy consumption of most businesses worldwide.

I recall proposing a system to some banks, that will help downsize their diesel costs, by a guaranteed 10% minimum, plus 10 years guaranty and a clause that they could decide not to pay for a pilot project on any of their buildings, should the diesel reduction not be achieved. The proposal was never considered. This is the same system that was deployed by global company Coca Cola, world telecom giant Telstra and others to achieve significant reduction in their energy costs and cut CO2 emissions into the environment.

We are still willing to work with banks, insurance companies, media, telecom firms etc, to significantly slash their diesel costs in place of workers and help them enhance investment returns, the recession nothwithstanding.

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Jorussia:
The current CHANGE is not a scam,even though there is an ongoing economic hardship which i believe is temporary.

On point!

While I concede that multiple taxation is a challenge to investments and should be checked by government, I doubt that the extra taxes are significantly comparable to their investments in energy (diesel) to power and cool shelter cabins of thousands of BTS facilities, running into several billions in local currency, annually. Air conditioning alone accounts for between 40-60% of their total diesel costs. I recall proposing a globally proven system that guarantees 10% minimum reduction in diesel consumption and costs to the major telecom providers, which was ignored, even when we offered to execute zero cost pilot schemes, only payable for, upon meeting the set energy-saving deliverable level, plus a minimum of 10 years documented performance guaranty. I seriously think players in this sector have to look inwards, especially as it has to do with downsizing air conditioning and diesel costs. Global telecom giant, Telstra, has deployed the said technology and are benefiting hugely from it. We may be contacted via info@procorrsolutions.com or contactprocorr@gmail.com for further technical details.

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owolincoln:
I am a young investor willing to inject some money into your business. You have the time and expertise, I don't have that time and your knowledge. Come up and let's talk. Walk through the dragon's den and come out a big boy..

Perhaps you may want to invest in my business. Considering that energy is the scarcest resource within the Nigerian and African economic environment. Investing in a solution that cools buildings without air conditioners/electricity and guarantee minimum of 10% reduction in energy (i.e diesel, electricity) consumption and cost is the real deal. That the telecom sector in Nigeria spends over N10billion on diesel purchases annually, servicing over 28000 BTS facilities; not to talk of consumption from the banking, media, quick service restaurants/hospitality and manufacturing sectors, is an indication of the huge opportunity that abound in this area. I am open to further discuss this opportunity with you. You may contact me via contactprocorr@gmail.com. Regards.

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Mr. John Momoh, very articulate and tenacious man. He is such an inspiration to young entrepreneurs in Nigeria. He deserve all the accolades he is getting and more. Congratulations to him!

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Efizzi:
Am actually surprised that it's the normal 5 alive and Chi exotic that I drink that they with all their money and power drink. At the end I wonder why people just want to amass so much wealth at the detriment of others.

My brother, it couldn't have been better said. With billions stashed around the world, while thousands perish daily for lack of the most lean mass of grains to eat. I sometimes wish I could cloth, shelter and feed every hungry person out there, and above all create capacities in them.

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https://www.youtube.com/watch?v=rOER2ShzOvw

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Google and her two founders remain a huge inspiration to solutions driven initiators the world over.

The story around Google's success motivated me into incorporating PISL two years ago.

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Most impressive! I commend your initiative. Have you observed lower egg production by the birds during the hot periods? If yes, I would be glad to introduce our technology that guarantees cooler environments without electricity.

It is been proven that cooler ambiences engender increased productivity from birds (even humans).

Our specialty centers around creating cooler indoors and shelters for both humans and animals without electricity, thereby eliminating or lowering energy costs and CO2 emissions significantly.

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Best wishes!

emmatony:
Buhari did not finish anything he met the job already done. God bless the father of all Nations GEJ

We have to stop all these nonsense! What's with the fight over who started or completed a project? Nigerian youths must stop this praise singing pettiness, it is adding no value to our society.