₦airaland Forum

Voo-doo economics.

Ngige is a disappointment.

In country's like Norway when there are mass lay offs like the one we are seeing in banks presently the government provides a cushion by paying the sacked workers about 50 percent of their earnings pending when they get new jobs...In our case a daft minister is threatening to revoke the licenses of private firms...Instead of the olodo to find an alternative ....

This is the worst news i've heard this year l, may his soul rest in peace.

This is shameful.

It's even more shameful that he made this statement from SWITZERLAND.

LuckyLadolce:
Truth be told.. Normally, Our banks are useless, they want cheap labour, they set unrealistic target, so they take opportunity of situations like this to sack people and overlabour the few ones left in the system. Go find out about all these banks sacking, some of their Executive director's take home is 6/7m per month and yet they will team up to sack an Executive trainee who receives just 150k per month or a contract staff who get 60/70k atfer several years in the system. Banks can still cope in this economy. They are lying to most people about their inability to pay staff. Let them also cut the amount being paid to the top staff. Banking sector has the most corrupt, selfish, inhumane and slaverymasters leaderships. This so called bank's management want to take virtually all the benefits. If possible, they want free labour. You don't just want to know what banks' directors get as profit sharing allowance. You may faint!

what do you know.

Are the bank directors more selfish than our politicians ? If you know what ministers take home aside their official salary which may be N800k a month, then you go relax.

You just described capitalism and it exists world over.

When you people were voting them into power, you did not think to understand difference btw CHANGE & TRANSFORMATION. You voted somebody who did not go to school, now you are reaping what you sowed, stop complaining because more are coming. APC is govt of the fools by the fools for the fools.
They are fighting corruption only by looking for money they'll recover to embezzle, what of casualisation of Nigerians in Nigeria by foreign companies. MTN upon all the money they make, many of their workers at the service centres, their offices and all their Customer care agents are contract staff. they also want to hand them over to Indians which will cut their salaries by 50% with more work in Ibadan, Akure, Abeokuta and the rest. Etisalat, Airtel, Banks all have 90% of their workers who are Nigerians as contact staff. The so called FG is not concerned because if won't give them millions if they stop it. They are here deceiving brainless Zombies they are fighting corruption.

ikennaoma:
. Be reasonable. If your brother have been sacked before you won't be saying this. Do u think that ford can wake up one morning and lay off 200workers without compensation? that can't happen. I agree with you that there main aim is to make profit. But who sustains the business? Most sacked workers.

I am an ex banker and there is no need to cry foul here. Staff are compensated when laid off however, it is net off indebtedness as such most people don't get anything. So get your facts right.

400billionman:
Are the bank directors more selfish than our politicians ? If you know what ministers take home aside their official salary which may be N800k a month, then you go relax.

You just described capitalism and it exists world over.

I will emphatically say YES! because if Banks' directors becomes politicians today.. Expect more slavery in our system of government.

Instead of the govt to look into the reason why banks are sacking staffs, they are busy issuing threats up & down. Who is afraid if threats these days? Should you revoke their license, what happens to the thousands of staffs still in their employment? It would be a case of penny wise pound foolish.

Kenai:
Soooooo, let me get this straight - Bank X sacks 100 workers, and you respond by threatening to withdraw their license, possibly leading to a total closedown of the bank, culminating in 900 of their remaining staff members becoming jobless?

Wow!!! Buharinomics in full throttle!
An ILLITERATE will forever be an ILLITERATE!

I hope you're still enjoying your NEPA bill certificate brandishing president.

Nigerians have got to be among the dumbest iddiots on earth.

Since you've used the noun in blanket form, and I know you're a Nigerian then it is very safe to conclude you're among the dumb iddiots?

lastpage:
What is this 'Fuulish iGNORANT' saying?

By making good policies for the private sector and providing an enabling climate, Govt is already employing its citizens!
Banks cant be declaring Billions of profit every year..... and at the same time sacking workers who produce this wealth, on the basis of "No Money" to pay them!

That is a FARCE!
You would wonder why some of the Billions in profit is not spent to retain the workers who produce the wealth..... instead of feeding 'fat" board members

Reminds me of Arsene Wenger who cant afford to buy quality players yet, Arsenal declares huge profit every year!




Lastpage!

BTW: Too many "uninformed Kids" on Nairaland! They cant even pass Jamb exams, entry cut-off has to be lowered to 180 and results extended for 3years, just to accommodate these empty heads! In our time, you aim to score at least 270 in Jamb, to gain admission for a good course.

Please, you need to be objective when stating your case. How can you say board members are feeding fat?
On what premise? Or you want me to remind you that they are the ones who set the strategies undertaken by the so-called low-level staffs?
Or you think it is a piece of cake to manage people of different backgrounds to achieve organisational goals and objectives?

And all these hullaboo about bankers being sacked, can an organisation's H.R. sacked without a justifiable reason (like low KPI) knowing that bankers are also protected by their union/association if their termination is questionable? You think banks would like the negative publicity that a litigation would attract?

Please a enough direct/indirect insult on high/top management, all those brainstorming retreats and policy formulation to direct over a hundred staff to achieve organisational goals and objectives no be beans!!!!!

If they don't perform,shareholders would sack them too!!!!!!.
What do You think they do with the so-called billions of profit they declare?
Won't they pay shareholders dividend and bonuses,reduce their debt-to-equity ratio, used a huge part as retained earnings and even pay loyal and high performing staffs bonuses/commission.

Remember that you would soon be a board member/high level manager,you mean you won't be able to justify your so-called "huge" take home pay?


First page!!

[quote author=metrosexual post=46369038]Necessity is the mother of invention. People do extremely impossible things in dire situations, that said, the government needs to look into better ways on how to curb unemployment as I don't see such a threat or order to banks as something good enough.

We know the nation is in hard times but what annoys me most is how some folks rubbish the present administrations' anti corruption work. PDP had 16 years to lock all APC/CPC/ACN crooks up if they were interested in fighting corruption as they were elected and paid to do. If they couldn't do that and APC is now locking PDP crooks up, I for one don't want to hear their sob stories. So long as some crooks are getting locked up, that is progress.



this guy has a point

tiwiex:
I was worried about this government. Now, I am very worried.

i understand you perfectly. i'm beginning to think God has turned his back on us.

tiwiex:
I was worried about this government. Now, I am very worried.

Same here. We supported them to take over power but it seems they were not prepared. I still support them but beginning to get very worried.

Olodo minister

To me, the economic is harsh but not to the extent of mass sacking, especially banks.

What reasons would a bank has to have engage on Mass sacking where her top echelon wine and dine in bogus Salary & Allowances. My advice is that they should opt for Pay-Cut across the board. Banks can still spare junior staff and contract staff in their pay-cut mechanism.

DICKtator:
Please, you need to be objective when stating your case. How can you say board members are feeding fat?
On what premise? Or you want me to remind you that they are the ones who set the strategies undertaken by the so-called low-level staffs?
Or you think it is a piece of cake to manage people of different backgrounds to achieve organisational goals and objectives?

And all these hullaboo about bankers being sacked, can an organisation's H.R. sacked without a justifiable reason (like low KPI) knowing that bankers are also protected by their union/association if their termination is questionable? You think banks would like the negative publicity that a litigation would attract?

Please a enough direct/indirect insult on high/top management, all those brainstorming retreats and policy formulation to direct over a hundred staff to achieve organisational goals and objectives no be beans!!!!!

If they don't perform,shareholders would sack them too!!!!!!.
What do You think they do with the so-called billions of profit they declare?
Won't they pay shareholders dividend and bonuses,reduce their debt-to-equity ratio, used a huge part as retained earnings and even pay loyal and high performing staffs bonuses/commission.

Remember that you would soon be a board member/high level manager,you mean you won't be able to justify your so-called "huge" take home pay?


First page!!

How come banks are declaring huge profits under distressed economy? That means their FS are doctored then! It's a simple mathematics. Employee Cost is one of the cardinal cost of any employer.

chamboy:
ode do u know what fair work is

Mumu zombie suffering n smiling!!! Fair work ko hard work ni.

When oga is a dictator him ministers go be dictators too. They are running the economy down and creating more hardship since last year. Until we change the changer nothing will improve.

tuniski:
Mumu zombie suffering n smiling!!! Fair work ko hard work ni.

i asked u a simple question, u answer me back with insults

mployer:
You are an economic dunce. No bank sacks willingly. They sack so they can remain in business.

thanks...may God never put u in position of the people that would b sacked smday