Union Bank Staff stage protests

Union Bank workers on Tuesday paralysed activities at its headquarters in Lagos to protest the "high-handedness" and the "poor attitude" to their welfare ...

by the management, led by the Chief Executive Officer (CEO), Olufunke Osibodu. Osibodu and her team were appointed by the Central Bank of Nigeria (CBN) last year.

The workers blocked access to the bank's head office on the Marina in Lagos, and berated the bad handling of their pension and gratuity, noting that those who retired are yet to receive their benefits. They complained that the management reneged on its promise to review the cases of some staff sacked recently. They also lamented that they are being overtaxed.

One of the protesters, who pleaded anonymity, said the management misrepresents the bank's financial situation, thereby painting it darker than it really is. He wondered the basis for planning to hold the annual general meeting (AGM) in far away Maiduguri if not to ensure that vocal shareholders will not be able to attend.

However, a statement issued by the bank denied the falsification of financial records, maintaining that its board ensures "that information provided by the bank is accurate and factual and also ensures, where possible, that professional third parties validate the information."

The statement, signed by the bank's Corporate Affairs Manager, Francis Barde, said the accounts of the bank have been audited by reputable audit firms "which will at the AGM answer questions on their findings should shareholders require such.

"The management and board of the bank have always been willing to make available the bank's audited accounts to shareholders and the public at large for scrutiny."

Barde recalled that the bank did not hold its last two AGMs due to a court case instituted by some shareholders. He explained that Maiduguri will hold it now because there is a court ruling which favours the bank to proceed with the AGM.

"The AGM taking place is purely to approve routine statutory issues."

The statement added that the selection of a core investor remains the responsibility of the board and its recapitalisation committee.

"The steps taken have been transparent and all inclusive. All the bidders for the bank, including the core investor, do not have any relationship with the management nor the board.

"Any shareholder who wishes to know more about the capitalisation process is free to come for the AGM and ask questions, or seek clarification as the board will clarify as appropriate, as no resolution relating to the capitalisation will take place."

However, in solidarity with the workers, representatives of the Nigeria Labour Congress (NLC) and the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) on Tuesday barricaded the gates of Union Bank for over three hours.

NUBIFIE General Secretary, Elijah Ola, said the management had "breached the collective bargaining agreement reached with the workers' in-house unions in areas like staff disciplinary procedures and recruitment/transfers, hence the action to pressurise management to obey the agreement"

NLC's representative, Denja Yaqub, added that staff promotion remains a mirage as the management has been foot dragging in spite of the agreement reached with the in-house union.