An Islamic human rights organization, the Muslim Rights Concern (MURIC), has warned against retrenchment in the banking sector after the lockdown occasioned by COVID-19.
in a press statement circulated to the media on Monday by the Director of the organization, Professor Ishaq Akintola, “MURIC argued that Nigerian banks do not need to sack workers because they are making huge profits.”
The statement further said, “There has been palpable fear that Nigerian banks may soon embark on massive sack of workers due to the prolonged lockdown from March to June 2020.
“This fear is justified because of past experiences. Retrenchment is common among employers at the slightest excuse since Nigeria runs a capitalist laissez-faireeconomy. Nobody seems to care about the welfare of the proletariat.
According to the statement, “Although our message is directed mainly at the banking sector, it applies to all employers of labour as well, both public and private, federal and state. Banks particularly have no raison d’etre for retrenching workers this time around since they are making humongous returns.”
“Exempli gratia, Unity Bank just announced N506.07 million quarterly profit on Friday 12th June, 2020 (https://punchng.com/unity-bank-records-n506-07m-quarterly-profit/). Guaranty Trust Bank’s profit before tax surged by 2.1% to N58.2 billion in the first quarter of 2020 (https://nairametrics.com/2020/04/23/guaranty-trust-banks-profit-before-tax-surges-by-2-1-to-n58-2-billion/).” The statement said