…Says workers will benefit from recapitalisation
By Bimbola Oyesola,
Against the backdrop of various interventions by the Federal Government and the Central Bank of Nigeria (CBN), the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has expressed confidence on the economy, stating that the economy is on the path of recovery.
Attributing the progress to the government’s strategic policies, President of ASSBIFI, Olusoji Oluwole, said recent activities in the economy shows that things are beginning to stabilise.
“To be candid it has not been easy in the last one year. The level of inflation which also leads to job loss was very high. There was confusion here and there. However, recent happening shows that the economy is picking up,” he said.
Oluwole gave examples of Dangote Refinery, and the resuscitation of Port Harcourt and Warri refineries that are now working as a plus for the economy, adding that the “Naira seems to have stabilise a bit.”
He noted that the issue of recapitalisation of banks is a good development for the growth of the economy, noting that many banks have gone through the first phase and “many are going to meet up with the way things are going.”
He also attributed the situation to Central Bank of Nigeria (CBN)’s intervention on production through regulations.
“In the last two months, CBN has become very compliance and conscious in ensuring that banks and other financial institutions followed procedures in their operation,” he said.
According to the ASSBIFI president, “What this means is that they are bringing in some kind of confident in the system ahead of the full capitalisation. So, CBN is doing proper monitoring, guidance to ensure that the policies work out.”
Reflecting on how workers would be impacted and the responsibility of the union, Olusoji said the union is taking various steps to ensure that the right of the workers are well protected .
He said ASSBIFI is already meeting with bank’s management and other stakeholders on how to ensure that capitalisation does not have a negative effect on their staff.
“In the event that we have a situation where there is going to be merger as it has already been indicated few months back, we have already met with the management of whose mergers have been announced, especially where they are not unionised.”
He added that the union has notified the CBN, Ministry of Labour and other stakeholders, noting that, the union’s expectations from most of the banks is expansion of business, which will save the livelihood of its members, hence job loss will be minimal.
“There is no doubt that job loses will still occur for various reasons. So we are doing enough to protect their interest,” he said
On the issue of mass migration of Nigerian youths to another developed countries, the Labour leader lamented that more attention needs to be paid to the ‘japa’ syndrome as banking sector was more impacted.
“Most of the people left were more experienced and training new workers will not be that easy when you consider the sensitivity of the job. So, it will not be good for management to start discarding the few experienced that are still in the system,” he said.
Olusoji said Nigerians should not see the coming of Artificial Intelligence as a threat to job, rather it should be seen as a way of enhancing productivity.
He said workers should ensure that they increase their knowledge and skills in technology, adding, “It’s a dynamic environment, nothing remains the same, and everything keeps changing.”