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Deposit targets in banks is modern day slavery–NLC

The Nigerian Labour Congress has faulted what it describes as the “stress and strain of outrageous deposit or investment targets” in Nigeria’s banking institutions.

Speaking during the 2022 Delegates Conference of Nigeria Union of Banks Insurance and Financial Institutions Employees, the NLC President, Ayuba Wabba, described the practice as “modern-day slavery” and as also against conditions precedent for banking operations’ licence in Nigeria.

He said, “There is also the issue of subjecting bank workers to the stress and strain of outrageous deposit or investment targets. Such pressure has forced many bank workers into very unethical and immoral conduct just to satisfy the expectations of management. It is important to make the point loud and clear that these unfair, degrading and dehumanising culture that has become entrenched in our banking system is not only akin to “modern-day slavery” but are also against conditions precedent for banking operations license in Nigeria and certainly offensive to our culture and tradition and laws.”

Wabba also criticized what it called an “anti-unionisation in the banking sector” as well as other trends that currently militate against the banking sector.

He described the trend as worrisome and a denial of workers their right to freedom of association.

“Closely related to labour casualisation is the worrisome pattern of anti-unionisation in the banking sector. The denial of workers their right to freedom of association and belonging to trade unions is a fundamental assault on Nigeria’s Constitution which via Section 40 guarantees workers the right to assemble and join any association of their choice.”

“It is also a grave violation of core International Labour Organization (ILO) standards especially Conventions 87 and 98 which Nigeria had ratified since 1960. I can assure you that the leadership of the Congress is also tackling this issue through the ongoing labour law review.”

In his opening remarks, National President, NUBIFIE, Anthony Abakpa, spoke on some of the challenges confronting the sector, particularly on the Bank Employees Act Declaration of Assets.

He said that while the union applauds the rationale behind the review of the act, which is to enhance accountability, transparency, integrity and good corporate governance in the banking industry, some aspects of the amendment bill have been designed to infringe on individual rights and liberty.

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