Investigate exploitation in financial sector: ASSBIFI tasks CBN

UFOMBA UZUEGBU

Worried by the widespread perpetration of unfair labour practices in the nation’s financial sector by new investors, the Association of Senior Staff of Banks Insurance and Financial Institutions (ASSBIFI) has called on the Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM) and other supervisory bodies, to conduct a more in-depth analysis on the consequential suffering and exploitation occasioned by these breaches.

Out-going National President of the union, Comrade Oyinkanola Olasanoye who stated this while speaking at the 11th National Delegates Conference of the union at

Ogere Resort, Ogere Remo in Ogun State at the weekend, said this has become worrisome, considering the increasing number of job losses occasioned by the deliberate breaches and violation of national and international Labour standards and best practices by the new investors.

She said: We cannot continue sending our best hands into the Labour market just because we want to replace them with cheap labour. We likewise, request that at mergers, acquisitions or sale or bail out of institutions, extensive and comprehensive investigations and interrogation should be conducted, while the status and validity of such institutions be made public.

“Today, we all know that our best hands in the industry, have relocated to Europe and America, those left behind, are either getting prepared to leave or are working under unfair labour conditions.

“Unempirical but relatable reports show that the financial sector most particularly, the Insurance sector is being taken over by indigenous and foreign money bags that are not committed, lack the experience and skills to sustain, develop and grow the sector in the way of evolving global trends. Brain drain has just begun.”

Olasanoye said that part of the policy challenges faced in the country today, has been how to protect and maintain essential economic activities and public services such as food production, health service and social care.

She further said: “Today, we are living witnesses of the political, social and economic realities of our country. There is insecurity everywhere, poverty is on the increase, our naira is on free fall, workers are the most hit. Yet, we expect workers to earn less than what is needed for a socially acceptable living standard. Wages should be adjusted according to the cost of living the workers face.

“We advise the frequency of social dialogue and collective bargaining in an inflationary period as this.

“Workers have proved that they are a major factor that promotes and impede the resilience of the provision of the essential services during economic crisis and its anticipated shocks now and in the future. We must be equipped enough to remain relevant in the sector and be able to prevent an outright collapse of the economy that goes to explain the theme of the conference:” Building A Resilient Economy: The Role of the Trade Union”.

On the lingering crisis within its umbrella body, the Trade Union Congress of Nigeria  (TUC),Olasanoye said :”We want to clearly state that ASSBIFI did not factionalize the TUC and will not violate laid down rules and regulations binding members of the Congress.

“But it should be known and early too, that ASSBIFI will not by any stretch of imagination, submit to injustice or subjugation of any form or shape. As we defend workers’ rights and privileges, so also we are open to relationship but based on justice, equity ,good conscience and integrity”.