There is panic in the Nigerian financial sector over massive job losses as banks battle to meet the recently announced minimum capital requirements by the Central Bank of Nigeria.
The National President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, expressed these concerns during an interview with Channels Television on Monday.
He said the Association had already informed the CBN and the Ministry of Labour about the impact of the recapitalization exercise on workers in the sector.
“We are very aware of what happened in the past during such recapitalization programmes, the last being in 2005. We knew that some banks had to pull it through themselves, some through mergers, others through acquisition.
“It has an impact on the employment of workers; because of that experience, we have proactively acted by informing the Central Bank of Nigeria and the Ministry of Labour of the likelihood of the programme on our members.
“When things like this happen, there are bound to be jobs lost. We expect that there will be a lot of fairness in the actions of the banks and to ensure that our members are well protected and compensated”, he said.
