- A report in the media has revealed that Nigerian banks could be planning to let go of some its staff in the coming months
- Quoting sources, it noted that the costs of operation is getting more expensive forcing banks such as GT, Zenith others to close offices early
- According to the National Bureau of Statistics 23 banks operating in Nigeria employed a total of 95,888 workers
Nigerian banks are reportedly looking at laying some of their staff, over the rising cost of operations.
The Banking industry remains one of the highest employing sectors in the country, but also is notorious for being one of the most unsecured.
According to the Guardian newspaper, Nigerians working in the financial industry are already worried about the looming job losses.
It noted that official banking hours, which used to be 8 am to 4 pm now vary depending on specific organisations and branches.
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President of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Oyinkan Olasanoye, who confirmed the development, said the union was already in discussions with the banks’ managements.
She said the Central Bank of Nigeria (CBN) has given the banks the go-ahead if they wish to sack but they must get approval before embarking on the move.
However, she said the union wants a due process to be followed. According to her, there is a Collective Bargaining Agreement (CBA) for affected members.
She said in the banking sector, about 60 per cent of workers are contract staff. She said the CBA does not cover the contract or outsourced staff as they are not members of the union.
Staff cost increases
In an earlier report, Legit.ng had revealed that 10 Nigerian banks in 2021 spent a total of N444.9bn on salaries and wages of their staff.
Nigerian banks with the highest number of staff as at the end of 2021
- Fidelity bank 2945
- UBA. 7,313
- FCMB 3,610
- GT 3,323
- Stanbic 2,972
- Union 2,342
- Access. 5,434
- Wema- 1232
- Zenith- 7,544
- Unity- 1,595
GT, Zenith head the List of Nigerian Banks with best-paid executives
Meanwhile, Legit.ng reported on how much Nigerian banks executive earned in a sector with the highest employers of labour in the country.
Chief Executive/Managing Directors are saddled with the responsibilities not to only ensure salaries are paid but also profits are made.
These enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.