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Tag: ASSBIFI

  • ASSBIFI wants insurance recap deadline extended

    The Association of Senior Staff ofBanks Insurance & Financial Institutions (ASSBIFI) has called for the extension of the October 1, 2018 deadline for insurance companies to recapialise.

    The National Insurance Commission (NAICOM) had given them January 1, 2019 deadline to for insurance firms to recapitalise. The deadline was later reduced to October 1, 2018, which ASSBIFI believes will lead to job losses in the industry.

    NAICOM raised the minimum capital requirement of life insurance from N2 billion to N6 billion; while the minimum capital base for non-life insurance companies was raised from N3 billion to N9 billion. It also  raised the minimum capital base for composite insurance companies from N5 billion to N15 billion.

    ASSBIFI, an affiliate of Trade Union Congress of Nigeria (TUC),  wrote an open letter to NAICOM with the theme, “An open letter to NAICOM on recapitalisation of insurance companies in Nigeria, the Tier-Based minimum solvency capital: A call for review of period of implementation in order to save the insurance companies and the jobs.”

    The letter was signed by the National President, Oyinkan Olasanoye, and acting Deputy Secretary General, Yekeen Shitu.

    The letter read: “We call on the government to immediately extend the period of the implementation of this new Tier-Based Minimum solvency capital regime. “We request a genuine consultation with all the stakeholders in this matter with a view to fashioning out the most acceptable way to go about government’s plans without job loss.

    “Our position is not to stop government from implementing the recapitalisation, but that it should be done in a way that the concerns of all sides are genuinely and thoroughly looked into for a win-win situation.”

    In July, NAICOM released some guidelines for insurance companies to recapitalise into three Tiers which are Tier 1, Tier 2 and Tier 3.

    The operators were however shocked when the commission released another circular last week, drawing the recapitalisation deadline backward to October 01, 2018.

    It was further stated in the circular that the 2017 solvency account of the companies will be used for the recapitalisation. This had been generating panic in the sector, as most of the underwriters saw it as a backdated recapitalisation which is injurious to their operations.

    Some operators said  they were afraid they may not meet the Tier 1 recapitalisation requirement within the short period which will make them to lose businesses, and make them unable to pay their workers’ salaries.

    According to them, they will have to lay off many workers as they were not sure of their survival after the emergency recapitalisation. NAICOM, in its recent circular barred insurance companies that would be operating with capital below their Tier requirement from doing certain businesses after specific periods.

    Part of the circular read: “At all times, an insurer shall not underwrite insurance policies or undertake risks outside the Tier level of a risk class or combination thereof in the case of composite insurer, that is authorised by the commission. Any case of violation shall attract penalty equal to the sum of the advised gross premium involved and in addition, the CEO and other relevant officers of the insurer shall be penalised as the commission may be determined.”

     

  • ASSBIFI renews agitation over contract staffing

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has expressed dissatisfaction over the issue of contract staff by some employers, describing it as anti-labour.

    The group observed that banks were not in a hurry to end casualisation or allow workers become members of the union, despite the outcry that had greeted the development over the years.

    Speaking at a media parley, as part of activities to mark its 40th anniversary in Ikeja, Lagos, ASSBIFI President, Comrade Oyinkansola Olasanoye, said the biggest challenge of the association  was the need to have a base, acceptability and visibility.

    “We have been able to achieve some of these. However, most of the workers in the financial institutions are still contract workers, casual workers that employers are not giving their rights.

    “They don’t know their rights as workers; they don’t know what they are entitled to. So our challenge is for people working in the bank to know that they have a union that can fight for them.

    “For the contract workers, we are appealing to the Federal Government that all workers, whether contract or casual workers, should be allowed to be in the union, so that they will have the strength to bargain for their welfare,” she said.

    Olasanoye stated that  casualisation would not be tolerated, adding that a worker, either casual or full staff member, is entitled to  exercise his or her rights to belong to any union of his or her choice.

    She argued that weak institutions  had constituted a clog in the wheel of the nation’s economic progress.

    Olasanoye advocated the need for the government to prioritise the ease of doing business, create institutional support for Small and Medium Enterprises (SMEs) as well as create job opportunities for the youths.

    She said the Federal Government should strengthen institutions and regulatory authorities to make businesses thrive and seamless in the country.

    The ASSBIFI chief added that only strong institutions would boost export of SME goods continentally.

    “SMEs are where most people work. One of the most challenging conversations that we have about economic growth, job creation and all of that is that we are looking for foreign investors, we are looking for big cooperation to come and set up, but what most people want are SMEs,” she said.

    Olasanoye called on workers to unite, saying the strength of an individual was not enough to confront any management.

    She said:  ”The message to workers is that we should unite, come together. Our strength individually is not equal to the strength of our employers, but when we come together we can equal them.

    “Negotiation and bargaining are the tools of industrial setting. We are ready to negotiate on behalf of workers in the financial institutions.”

  • ASSBIFI: human capital critical to development

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has urged the Federal Government to implement policies that would boost human capital development to upscale Human Resource (HR) and Information Communication Technology (ICT) practitioners.

    Its President, Comrade Oyinkan Olasanoye, said until Artificial Intelligence (AI) is developed, human capital is needed to accomplish anything in the world of today, stressing that it takes human capital to create any other form of capital.

    She maintained that while machine may eliminate the need to have hundreds of production workers, it only takes human capital to design and build the machine.

    “We call on the Federal Government to implement policies that would boost human capital wealth in order to upscale HR and ICT practitioners.

    “This is because as we as a nation move deeper and deeper into a knowledge-based economy that depends on information, knowledge and high-level skills, human capital is becoming increasingly important,” Olasanoye said.

    She said training is a continuous capacity building potential for members.

  • ASSBIFI: human capital critical to development

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has urged the Federal Government to implement policies that would boost human capital development to upscale Human Resource (HR) and Information Communication Technology (ICT) practitioners.

    Its President, Comrade Oyinkan Olasanoye, said until Artificial Intelligence (AI) is developed, human capital is needed to accomplish anything in the world of today, stressing that it takes human capital to create any other form of capital.

    She maintained that while machine may eliminate the need to have hundreds of production workers, it only takes human capital to design and build the machine.

    “We call on the Federal Government to implement policies that would boost human capital wealth in order to upscale HR and ICT practitioners.

    “This is because as we as a nation move deeper and deeper into a knowledge-based economy that depends on information, knowledge and high-level skills, human capital is becoming increasingly important,” Olasanoye said.

    She said training is a continuous capacity building potential for members.

  • ASSBIFI to partner NSITF on scheme

    ASSBIFI to partner NSITF on scheme

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has pledged to partner with Nigeria Social Insurance Trust Fund (NSITF) to guarantee compliance with the Employees’ Compensation Scheme (ECS). This was made known by the National President of the Association, Oyinkan Olasanoye, in a chat with The Nation at the weekend.

    He said the partnership is needed to ensure maximum compliance by all the stakeholders. He expressed with  the Federal Government’s initiative to establish a fund designed to rehabilitate and compensate injured employees.

    She said the  association would ensure that employers in the banking, financial and insurance sectors comply fully with the provisions of the ECS.

    The ASSBIFI National President said it was in the interest of the association to make the scheme a success. According to her, the scheme played a major role in the passage of the Employees Compensation Bill at the National Assembly, which culminated in the Employees Compensation Act 2010.

    She reiterated that ASSBIFI also has a good relationship with state governors and government parastatals and would therefore like to explore areas of mutual benefit with the NSITF to advance the scheme.

    On the recent plan by the NSITF to recruit new workers, she said that will be a difficult thing to do now because the body is yet to take care of its current staff as much as it would have loved to. She said: “We have been informed by our NSITF Unit on recent plans by management of the NSITF to employ another 370 officers from the rank of managers and above into the service of the organisation.

    As a responsible union representing Nigerian workers, we are not opposing generation of employment for Nigerians, but we are concerned about the present situation of NSITF, which necessitates us calling for caution.”

  • Firms not paying workers’ gratuities, says ASSBIFI

    Firms not paying workers’ gratuities, says ASSBIFI

    Many organisations are not paying workers’’ gratuities, the Associa-tion of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has alleged.

    Speaking with The Nation, its President, Comrade Oyinkan Olasanoye, said: “We realised that the management of organisations are not paying our members at the end of their service. What belongs to workers, which is the gratuity, the majority of organisations are no longer paying it.”

    Ms Olasanoye said this was what informed ASSBIFE’s proposal on “Loss of job insurance” for members.

    She said the association realised that when its members were asked to go, nothing was given to them.

    She, however, said the union would continue to advise members on the need to allow it to be more involved in decisions concerning their welfare and to properly brief them on such matters. She added t the management  should not sack without resource to due process.

    On the sack of workers in financial institutions, she said the law was clear on it. Olasanoye said under the law, when an organisation wishes to lay off a worker, the union should be called in for negotiation.

    She said: “The law didn’t say you can’t lay people off, but there are ways of doing it. We have been appealing to our members that they should not wait until they are laid off. The moment they hear the rumour that they are about to be laid off, they should write their management to that effect and brief us on who to discuss with.”

    Ms Olasanoye, however, said the union would continue to appeal to its members and management of their companies and employers that the  meltdown is one that needs everyone’s hands to be on deck.

    “We also want to appeal to them that they should let us work together because our sector is a very sensitive and with the meltdown, we can’t afford to have issues that will affect the public trust on the sector that is already affected by various policies that are not acceptable to the people. We will appeal to the management to let us discuss and go through due process,” she added.

  • Firms are not paying workers’ gratuities, ASSBIFI alleges

    Firms are not paying workers’ gratuities, ASSBIFI alleges

    Many organisations are not paying workers gratuities, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has alleged.

    In an interview, its President, Comrade Oyinkan Olasanoye, said: “We realised that the way management of organisations are going these days, they find a way of not paying our members at the end of their service. What belongs to workers which is the gratuity, majority of organisations are no longer paying it.

    “So, we realised that when our members are asked to go, nothing is always attached. Because of that we  realised that majority of our members would start thinking of tomorrow and delving into some untoward things. To prevent that, in order to have a succour somewhere, that is what informed the  proposal on loss of job insurance for members.”

    She continued: “We keep on advising our members on the need to allow the union to be more active in decisions and to be properly briefed on the matter. Under no reason should the management lay off somebody anyhow.”

    On the sack of workers in financial institutions, she said the law was clear on it.

    Olasanoye said under the law, when  an organisation wished to lay somebody off, the union in that worker’s  sector should be called for negotiation.

    She said: “The law didn’t say you can’t lay people off, but there  are ways of doing it. We have been  appealing to  our members that they should not wait until they are laid off.

    “The moment they heard the rumour that they were about to be laid off, they should write their management to that effect and let   briefed us on who to discuss with.

    “We will keep on appealing to our members and management of their companies and employers that the recession and the economic meltdown is one that everyone needs all hands on deck.

    ‘’We also want to appeal to them that they should let us work together because our sector is a very sensitive and with the meltdown, we can’t afford to have issues that will affect the public trust on the sector that is already corroded by various acts and policies that are not acceptable to the people. We will appeal to the management to let us discuss and go through due process,” she said.

  • Firms are not paying workers gratuities, ASSBIFI alleges

    Many organisations are not paying workers gratuities, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has alleged.

    In an interview, its President, Comrade Oyinkan Olasanoye, said: “We realised that the way management of organisations are going these days, they find a way of not paying our members at the end of their service. What belongs to workers which is the gratuity, majority of organisations are no longer paying it.

    “So, we realised that when our members are asked to go, nothing is always attached. Because of that we  realised that majority of our members would start thinking of tomorrow and delving into some untoward things. To prevent that, in order to have a succour somewhere, that is what informed the  proposal on loss of job insurance for members.”

    She continued: “We keep on advising our members on the need to allow the union to be more active in decisions and to be properly briefed on the matter. Under no reason should the management lay off somebody anyhow.”

    On the sack of workers in financial institutions, she said the law was clear on it.

    Olasanoye said under the law, when  an organisation wished to lay somebody off, the union in that worker’s  sector should be called for negotiation.

    She said: “The law didn’t say you can’t lay people off, but there  are ways of doing it. We have been  appealing to  our members that they should not wait until they are laid off.

    “The moment they heard the rumour that they were about to be laid off, they should write their management to that effect and let   briefed us on who to discuss with.

    “We will keep on appealing to our members and management of their companies and employers that the recession and the economic meltdown is one that everyone needs all hands on deck.

    ‘’We also want to appeal to them that they should let us work together because our sector is a very sensitive and with the meltdown, we can’t afford to have issues that will affect the public trust on the sector that is already corroded by various acts and policies that are not acceptable to the people. We will appeal to the management to let us discuss and go through due process,” she said.

  • Looted funds weakening financial system, says ASSBIFI

    Looted funds weakening financial system, says ASSBIFI

    The Association Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has said looted funds  are affecting the financial system.

    The union said the financial system remained weak in liquidity and undercapitalised because stolen funds were in private vaults and were accounted for in the financial system.

    In a statement signed by its President, Comrade Oyinkansola Olasanoye, the union said the wealth of the nation, the basic infrastructure that the people have been denied, the healthcare that the people lack are in the funds locked up in private vaults of privileged individuals who have their way into the nation’s treasury whether named or not.

    “Nigerians of all tribes and languages have been continually caught by surprise at every instance of cash piles and dollar caches discovered in various private vaults, safes, underground and surface tanks and in private locked up shops across the nation.

    “In some interesting cases, the ownership of the cash is left to the speculation of the public with laughable accusation and counter accusations.

    “The cash which comes in foreign currencies and our local higher denominations was even abandoned at the airport lounge on an occasion in a most dramatic fashion,” she said.

    Olasanoye urged  the government to continue to strengthen the relevant anti-corruption institutions and build a strong system around strong values and beyond personalities, adding  that government should encourage people to speak the truth to power at all levels, whether through citizens’ media or the regular mass media.

    She said  the government should go beyond the financial reward to whistleblowers, and put in place laws that will protect the whistleblowers against any form of retaliation.

    “We also encourage our members in the insurance and banking sector to get involved in the whistle blowing of any person or persons known to them to be involved in the practice of cash racketeering. This is intended to save our system

    “That ASSBIFI shall continue to support the efforts of government to rid the financial system of corruption at all levels. We therefore demand that anti-corruption agencies should intensify efforts into preventive activities by working hand in hand with the financial system operators and regulators in ensuring that access to such cash is prevented at the commercial banks and the CBN.

    “The government must not mistake the shocked silence of the populace for ambivalence as the people shall demand in due course a more proactive approach to anti-corruption as against the present reactionary trend,” she said.

    She said the people shall desire to see a more diligent prosecution of corruption cases and a stem in the tide of corruption cases being lost to lack of diligent prosecution.

  • Casualisation, outsourcing inhuman, says ASSBIFI

    Casualisation, outsourcing inhuman, says ASSBIFI

    The President of  the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Sunday Olusoji Salako, has described outsourcing and casualisation as inhuman.

    Speaking at the ‘2016 Decent Work’ organised by the association, Salako blamed the three tiers of government for not making the war against the menace easy, noting that governments  also encouraged the  use of contract staff, outsourcing and casualisation.

    Salako, who described outsourcing and casualisation as modern slavery that should be eschewed from the workplace across the country, noted that the 2016 edition of decent work was very crucial based on the danger casualisation and outsourcing posing for workers’ wellbeing.

    The Deputy President of the Union, Comrade Oyinkan Olagunsoye, urged union members to strive to always protect the interest of one another.

    Speaking on the topic: “Building Workers Power Against Corporate Greed and Week Corporate Governance”, the Guest Speaker, Mr. Martins Smart, said: “Majority of corporate bodies and some government agencies regrettably use work force as tool to remain afloat without putting in place good welfare package that will cater for the interest of the workers.

    Smart said the question is should workers pay the price for the greed and weaknesses of organisations and the utter failures of regulatory bodies to monitor corporate organisations more effectively by ensuring that policies and guidelines laid down in corporate governance template are strictly adhered to?

    Martins, who is the MD/CEO, Martco Consulting Services, said it was time workers no longer be used and dumped by employers.

    He called on union leaders to always be seen as useful tools in the workplace, saying workers need to be more involved in taking decisions at all levels where welfare matters are to be discussed. He said organisations, on their part, should regard people as the greatest assets they cannot treat with levity.

    “The issue of corporate governance should be properly enforced by various regulatory authorities to the extent that they should have zero tolerance for defiance, corporate greed and weak corporate governance. The leaders of workers’ unions should embark on aggressive mobilisation or unionisation of all companies in Nigeria,” he said.

    Worried by the lackadaisical attitude towards workers in the country, Martins said the only way workers could guide against employers’ weak corporate governance was through strict implementation of statutory framework for corporate governance.

    He urged the three tiers of government to ensure the enforcement mechanism are dully carried out so as to safeguard the interest of workers. This, according to him, will encourage more investments in Nigeria and help tackle the current economic recession.