Banks’ Senior Staff Lament Redundancy

The president, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Oyinkan Olasanoye has expressed dismay over the manhour lost and redundancy in labour sector as banks, industries and local companies grapple with the cost of doing business, such that, the consecutive low performance of industries create more instrument of redundancy in the industrial sector.

She reiterated the need to create stable jobs, adding that, job insecurity does not guarantee social security in the country as most factories and industries are currently grappling with the dwindling FX shortage which has impacted on the manufacturing sector and business economy.

ASSBIFI described the current shortage of jobs in Nigeria as a state of labour lost, lack of competent workers dominated by freelancers while hinting that, most institutions have temporary workers who are not well trained and equipped to provide the needed skills acquisition to man industrial jobs.

She argued that, freelancing jobs have dominated the financial and Industrial sectors, noting that, the current youth workforce is dominated by outsourced workers who are working remotely to reduce operating cost of running business.

According to her, the unprecedented labour lost in our economy is expected to create a solidarity economy that would promote healthy work environment for decent jobs.

Olasanoye affirmed that the financial institutions are reducing staff strength and working hours to cut down on operational cost while stating that, about 60 to 70 per cent of the workers in the financial institutions across the country are casual workers.

She said almost all the casual workers in banks are direct employees of an outsource company while stating that this is pointer to job insecurity as many local companies and factories are currently not working.

ASSBIFI boss said, bank workers are professionals with grounded ethics of the profession while disagreeing that 50 per cent of financial crimes committed in the banking sector are done by sacked workers of some banks, stressing that, Nigerians generally are endowed with high skills and intelligence.