Sack Fever Grips Nigerian Bank Workers

Nigerian bank workers are apprehensive over being fired as banks are looking to cut costs following the oil price crash and the subsequent decline in the value of the Naira.

According to The Nation, some workers in the banks have started looking inwards, exploring what they described as option B should the unexpected happens.

They believe economic realities are negatively affecting the bottom line of the lenders, fearing that their jobs were on the line.

Confirming this development, President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Mr Olusoji Salako, said banks would look at what they could do to reduce their expenses, adding that job loss would be one of the first steps. He pledged to ensure that the banks follow due process in laying-off their workers and paying them off.

“You know in Nigeria, we don’t have good temperament for economic summersault. If somebody invests and things are not working fine, the next thing is to remove people working with him. In other climes, people will persevere but here in Nigeria, people don’t persevere when it comes to such issue.

“We are, however, bracing and also monitoring the employers to ensure that if become necessary to lay off their workers, due process must be followed and people affected must be well compensated so that they can function in any part of the economy.” he added.