NLC, BANKERS EXPRESSES WORRY OVER BANKS RECAPITALIZATION.

The Nigeria Labour Congress, NLC, and the Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, have raised concerns over job security among others in the new banks’ recapitalization ordered by the Central Bank of Nigeria, CBN.

This follows reports that similar exercises in 2005 and 2010 resulted in the loss of 12, 000 jobs.

Recall that the CBN led by Olayemi Cardoso directed another round of banks’ recapitalisation last week making the third in the series since the advent of civil rule in 1999.

Under the new rule, the CBN gave two years for banks to meet a new capital base of N500 billion for international operations, N200 billion for national operations and N50 billion for regional operations and merchant banking licenses.

The CBN, during the regimes of Professor Charles Soludo and Lamido Sanusi, conducted recapitalizations in 2005 and 2010, respectively

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