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“Stop Access Bank Brutality! More Than 2,000 Sacked! Access, Pay Us Our Entitlements!” – Laid-off Access Bank Staff Protest

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Some Access Bank staff who were laid off protest at the bank’s head office in Victoria Island, Lagos, on Wednesday.

The protest was against the alleged termination of contracts and non-payment of entitlements. The laid-off staff made know their agitations through their various placards.

Some of the placards read, “Stop Access Bank brutality. More than 2,000 sacked”, “Access, pay us our entitlements”, “What does the future hold for support staff?”, “Stop enslaving Nigerians in their country”.

The workers accused Access bank of terminating more than 2,000 workers without paying them their entitlements.

It should be recalled that the bank laid off some staff during the heat of COVID-19 in April before the Central Bank of Nigeria intervened and halt the process following a nationwide outcry.

However, some of the laid of staff explained to the media that the trouble started on April 31, 2020 when the bank laid off some of their staff due to the global health pandemic.

One of the laid of staff, (name withheld) explained that though Access Bank obeyed CBN, recalled the staff and continued to pay their salaries, they requested them to stay away from the office.

However, the situation changed on November 30, 2020, when some staff were served termination letters through their various outsourcing firms.

Mr. Akintayo Akinyemi one of the protesters said that Access Bank is in dialogue with the National Union of Banks Insurance and Financial Institution Employees.

He said, “Now that they said they don’t want us anymore, we’re entitled to gratuities. If they are saying we should go, then they should pay our entitlements, and that’s what we’re fighting for.

“The bank already scheduled a meeting with our union for December 11. They shifted the meeting to that time because of what they planned to do.

“We want them to pay our entitlements; they should pay us off so that we can do something with our lives. I’m in my mid-thirties and I have been applying for jobs since then, but they have been turning me down because of my age. I cannot get a valid job anymore. I have put about 10 years into the system and I was laid off just like that”.

Another laid-off staff, Solomon Oropo, said that they were paid N11,500 by the bank’s outsourcing firms for terminating their appointments.

He said, “Our salaries were being paid till November 30 when we received letters that our services were no longer needed and after that, they paid us N11,500 for terminating the contracts. So, what they’re paying as gratuity is N11,500 and that was what led to this protest.

“Our union had been having meetings with the bank and the bank denied sacking us. There are staffs that have been working for 20 years and below and many of us are above 40 with family and they are paying us N11,500 in lieu of notification and that’s all. We see it as dubious and uncalled for and we say no to it. They cannot use our youthful age and ask us to go home with N11,500”.

Mr Olatunji Abubakar, another protester, accused Access bank of demoting some of the staff after merging with Diamond Bank, said, “when Access Bank took over from Diamond Bank, all the office assistants working under Diamond Bank were demoted to security guards on the grounds that they don’t have office assistants in Access Bank and our salaries were pushed to different security firms.

“We went to the security firms for documentations and we were not given any offer letters until when we were disengaged last month without any benefit. I worked with Diamond Bank for 10 years before we came to Access Bank. This has affected me in many ways because I don’t know where to go or start from”.

However, in all this Access bank denied laying off its staff and claimed the termination of appointment was done by their outsourcing firms.

Abdul Imoyo, Access bank’s Head of Media Relations, explained that the protest was an appeal to the bank to intervene in the decision of the outsourcing firms.

He said, “It was not Access Bank that sacked them. The protest was about them calling on Access Bank to intervene in the termination of their appointments with their employers. It is about their relationship with their employers and because they work for Access Bank, they’re asking Access Bank to intervene and we have called their employers.

“There’s an ongoing process to get this resolved. They are not happy with what their employers did and they escalated their grievances beyond their employers. Their employers said they were paid based on their different levels of engagements and terms of the agreements.

“We’re going to engage their employers and see how we can manage their dispute. We need to investigate what happened between them and their employers and resolve all issues.

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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