November 30, 2022

Global News

…The News First With Us!

RECESSION : BANKS TO SACK THOUSANDS!!!

3 min read

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. 

More Stories

2 min read

UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

Leave a Reply

Your email address will not be published.

You may have missed

2 min read

UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

Copyright © All rights reserved. | Newsphere by AF themes.