Massive sack fever grips bank workers

There is growing apprehension in the Nigeria’s banking sector, over reports of impending mass sack by banks in the country.

According to reports, bank workers are apprehensive that they may lose their jobs as they wait for the results of the staff appraisals carried out last year by the banks.

There has been growing fears in the sector over sacks lately, as First City Monument Bank, FCMB, threw out 150 staff just last week.

The apprehension in the banking sector may not be unconnected with the current global economic downturn and some of the policies of the administration of President Muhammadu Buhari.

The strict implementation of the Treasury Single Account (TSA), the directive of the Central Bank of Nigeria (CBN) on zero Commission on Turnover (CoT) and the current forex policy, have helped in eroding the profitability of the banks.

The sack fever was again heightened by a projection by the Managing Director of Financial Derivatives Company Limited (FDC), Mr Bismarck Rewane, to the effect that banks may embark on massive staff retrenchment in the second quarter of 2016 because of the tough economic situation.

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