Economic uncertainty: Access blocks access to some workers

The lay off of hundreds of Access Bank workers and the closure of some of the bank’s branches across the country has sparked off serious  concerns in labour circles.
The move which came as a surprise appears to raise fear that a new era which is likely to lead to a downsizing of the country’s workforce may be underway.
There has been no hint of such a possibility by the Nigerian authorities.
But labour leaders had warned against what they perceive as attempts to scale down workers salaries.
It is doubtful that in defending higher pay packets, even as the Nigerian economy rallies to survive the collapse of oil prices, that labour leaders factored the possible sack of workers into their calculation.
There have been considerable job losses across the world following the crippling impact of the pandemic which has forced the working class to stay back at home.
Some experts are already predicting that the advent of a global depression is possible, given the impact of the pandemic on national economies.
Many industry watchers say the lay off embarked on by the Access Bank which recently engaged in a merger with Diamond Bank to create Diamond Access came has come as a huge surprise, especially to Nigerian workers.
Recall that Nigerians workers recently fought for a pay rise which is currently encapsulated in a new N30,000 minimum wage.
Access bank which is believed to have a strong asset base donated the sum of one billion naira to the fight against the spread of the Coronavirus.
Insiders suggest that the retrenchment of some of the bank’s workers may be part of an ongoing rationalization policy.
Nigeria is gradually beginning  to feel the impact of a slowdown in the global economic situation.
Oil prices have since  tumbled while its economy is still reeling under the weight of a lockdown which is largely in force despite efforts to ease difficulties being created as a result.
Femi Fani-Kayode, a one-time Minister of Aviation took to Twitter to condemn the action of Access Bank.
“You gave 1 Billion Naira to the Federal Government to fight Covid 19” Fani-Kayode said, “and the next day you sacked hundreds of your loyal staff.”
“You betrayed your workers,  you turned your back on them when they needed you most because you were more interested in your profits and appeasing Buhari”, he said.
“Worse still, you shut down 340 of your branches! With a stroke of the pen you have thrown thousands of people into unemployment at a time when they are already going through hell because of the lockdown and you have destroyed many families”, he added.
Nigerians may have to brace up for the worst.
What may have happened at Access Bank may be viewed as an isolated case, but some observers say it may be a sign of what is to come.
A former member of the National Assembly, Chief Ogbonna Nwuke said, “The signs are not encouraging. Nigerians may have to prepare for more hardship.
“We have just taken a loan from the IMF. It shows how desperate our country has become in its search for development funds.
“On the home front, where the impact of the global economic meltdown is being felt, anything is possible. It is time to tighten our belt.”
“Profit is what propels business. If the current situation persists, many other establishments which employ labour might follow the example of Access Bank.
“This would mean more workers may soon join the unemployment queue. We pray that this does not happen”, Nwuke noted.
“In my view, the system should shun corporate support in the battle against the virus if it would translate to creating unemployment problems.
“We need to put more Nigerians to work in order to sustain families instead of laying off those who are already employed”, the former lawmaker stressed.
0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments
Zeen Subscribe
A customizable subscription slide-in box to promote your newsletter

I consent to the terms and conditions