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img_1081The die is cast. The reality sets in.There is tension in the land.The largest economy in Africa is in deep recession and the attendant effects of the development on various sectors of the economy is beginning to hit home as the banking industry -one of the biggest sub-sectors in the country – is set to embark on a massive and unprecedented retrenchment of its workers.

Global News can now authoritatively report that a mass sacking of staffers of about five major Nigerian financial institutions is in the offing, no thanks to the poor state of the Nigerian economy.

According to a very close source to a very powerful bank chief executive in the country, these five major banks have already compiled the names of the affected staffers of the financial institutions and are about to release the “bombshell” any time soon.In an exclusive chat with our correspondent, another head of operations of a leading financial institution whose major shareholder comes from a south south State confided in our reporter that the total number of people expected to lose their jobs across the sector will be in the region of five thousand or more.img_1080

We also gathered that a number of banks are also mulling the idea of closing some of their not-too-busy branches in order to stop incurring unnecessary overheads. This according to a source will also result in mass laying off of workers as these banks in question are not considering merging up branches but outright closure of the affected branches.And as a matter of fact, some bankers across the country who have their ears to the ground have already started preparing for the worst case scenario.Some have started sending out their resumes whilst others have started serious networking in and outside of the sector.

Global News also gathered that the moves by these banks to sack their workers had already sparked serious underground protests by the Labour union.A staff of NUBIFIE who spoke to us on the condition of anonymity hinted that the Union is taking up the issue with the various banks but it is unlikely the Union will have the final laugh on the matter as these banks “are already in the red and they need to balance their books in their own interests and that of their other stakeholders”. He also pointed out that these banks are not violating or abusing labour laws because the country is in recession and the ripple effects of recessionary times is always felt by all and sundry.

Analysts also say this may well be the very beginning of this sad development because according to them, Nigeria is actually heading for a double dip recession in the next coming months as the government of the day has got no clue whatsoever on how to chart a new course for the country and is yet to come up with a good and sustainable roadmap for this ailing economy. Also,the banks are finding it increasingly difficult to trade forex as the country’s forex supply to various banks have greatly dwindled because of the continuos fall of crude oil (our major foreign exchange earner) prices.And as this forecast can only spell more doom for the labour market, more and more people with white-collar jobs in the organized private sector are now planning for any eventuality by looking for something else they can do to keep body and soul together. 

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