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ASSBIFI URGES GOVT TO ALLOW SHAREHOLDERS RECAPITALISE DISTRESSED BANKS

By NBF News
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THE Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Friday urged the government to allow shareholders of troubled Nigerian banks to recapitalize them.

Mr. Olusoji Salako, ASSBIFI President, told the News Agency of Nigeria (NAN) in Lagos that by so doing, the banks would be able to grow, especially if properly managed.

Salako explained that the crisis in the banks was due to poor corporate governance and granting of frivolous loans.

He said that the union was not against foreigners investing in the banks but would, however, resist any form of anti-labour practices.

“We are not against foreigners with serious agenda and who can impact on the workers positively taking over the banks which are not growing.

“We will not allow our members to suffer undue injustice due to their fault,'' the ASSBIFI chief said.

Salako said that the association was not against foreigners owing businesses in Nigeria but it would protest foreigners who front for Nigerians and abuse the workers.

“We do not want foreigners who will use our economy to service their countries. We will resist those who front for local people and enslave our members,'' he said.

Commenting on the introduction of plea bargaining into the country's criminal legal system, Salako described it as regrettable.

According to him, the introduction seeks to institutionalise corruption in the country.

He, however, expressed the hope that the judicial system would find a solution to it.

He advised government to create the enabling environment that would resuscitate companies and create employment.

The ASSBIFI chief lent his support to the planned privatisation of the Power Holding Company of Nigeria (PHCN), saying the action would improve power supply and give succour to Nigerians.

He, however, said that all entitlement should be paid to electricity workers before the unbundling or privatisation exercise.

Salako tasked Nigerians to guard their votes and ensure that only credible candidates who would fulfil their socio-economic aspirations are elected in the 2011 general elections.