NUBIFIE urges FG to inject funds into banks

The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has appealed to the Federal Government to inject funds into the banking sector to boost its activities.

Its President, Mr Musa Danjuma, who spoke at the sixth Quadrennial Delegates Conference in Lagos, said the financial sector has gone through fundamental transformation in all areas of its activities.

According to Danjuma, there have been policy interventions by the government, evolving innovations in ICT-driven operations and new employment system and its impact on economic and social status of workers among others.

He said the government should put back some of the money realised from the Treasury Single Account (TSA) with a proviso that it should be deployed to critical sectors of the economy.

He said the financial sector has been under close watch for some years through various intervention measures by regulatory authorities and this has impacted on socio-economic development and issues in work place.

The union leader said the issue of mergers and acquisitions also led to job losses as consequence of re-alignment and restructuring of banks and insurance industry weakened the capacity of the union to engage employers on the issue of condition of service.

On TSA, Danjuma said the union supported its introduction, but the policy created liquidity challenges for financial institutions, which now relied on government funds to manage their business and generate income.

He further said that government should ensure that it sustains the process of whistle blowing policy to ensure that it succeeds in the fight against corruption.

“As a union we pledge our support for the policy and commend the National Assembly for a bill to institutionalise the war against corruption and discourage any attempt to abuse the policy for self seeking purpose,” Danjuma said.