Labour strike: Banks, other institutions count losses

By Ademola Alawiye

Thursday, 11 Nov 2010

Officials of Deposit Money Banks and other financial institutions in the country on Wednesday said that the strike embarked upon by the organised labour over the reommended minimum wage impacted negatively on their businesses.

According to those who spoke to our correspondent in separate interviews, the strike crippled activities in the financial sector, even though it was a necessary action that would favour the common people.

Our correspondent, who visited some banks’ branches in Lagos, observed that majority of the banks opened for business in the morning but were later shut down by labour leaders who visited some of the branches.

A senior official of one of the banks, who craved anonymity, said, ”Most of our branches did not open for business, especially in Lagos. We cannot say for now how much we will lose for not opening. We know that the strike is for a right cause but it has a negative impact on us as private businesses.”

The Managing Director, Lambeth Trust and Investment Company Limited, Mr. David Adonri, said that the principle behind the strike was welcome, even though it resulted in a colossal loss to the economy.

He said, ”The common people are demanding for a fair share of the wealth of the nation. If the members of the National Assembly can be earning much, then those who put them there should not be suffering. I support the idea behind the strike even though it is affecting businesses.”

The Chief Executive Officer, Triop Financial Services Limited, Mr. Chike Ogwushi, blamed the government for the strike, saying that millions of naira had been lost as a result of paralysis business activities in the financial sector.

He added, ”The effect of the strike in monetary terms is worth millions of naira. The banking sector is majorly affected; and if the banking sector, which drives all other sectors is affected, then you can equally say the whole economy is affected.”

Ogwushi further said, ”The government should have the interest of the people at heart. The strike could have been averted if the government had acted on time. It is in their tradition that when labour issues a warning, they wait till the last day before calling for a parley.”

The Nigeria Labour Congress on Wednesday evening announced the suspension of the nationwide strike but said its executive committee would meet again next month to evaluate the government‘s progress on meeting its demands for the implementation of the new minimum wage.

The acting NLC President, Mr. Promise Adewusi, said that the action had been called off after talks with the government.

The NLC commenced a three-day warning strike on Wednesday due to the failure of the government to implement the N18,000 minimum wage.

The General Secretary, International Affairs, NLC, Mr. Chris Uyot, said that the government had so far failed to implement an earlier agreement with labour organisations to raise the country‘s minimum wage.

He said, ”It‘s a warning strike against the Federal Government for their refusal or delay in implementing the national minimum wage. The minimum wage, like you know, is the basis for negotiations in all the sectors of the economy.

“A committee was set up, which agreed on N18,000 ($120) per month for the least paid worker in Nigeria.”

Source: Punch