UPs and Downs In Banking, Nigerian Perspective

Banking jobs nowadays are no more coveted as in the past. Before consolidation, the highest employer of labour in Nigeria was the banking sector. The employees got paid handsomely, and you will see the evidence. Field of study was and is  not barrier in getting bank jobs. And banks showed off by
increasing their branch networks randomly. In fact, people were sour afraid  once the first bank (not First Bank of Nigeria Plc) opens in their neighbourhood  because emergence of one bank begets others. Banks were buying peoples' houses any how and opening branches randomly.  

Nevertheless, the tempo has changed completely as of today with competition existing in the Nigerian  sector today being unprecedented. It is not as if to say there was no competition in the sector before consolidation ( the brainchild of former Central Bank Governor,  Chukwuma Soludo)  when we  have over 30 Banks in the country. After the consolidation, the number was brought down to 25.  Prior to consolidation of the Nigerian Banks, we had so many banks out there competing to get larger chunk of the limited resources of both government and private sectors. Bankers were very much respected and envied, and were not slumping  frequently as we obtain these days. 

As as today, many bankers especially those in the marketing  are ever willing to resign from their bank jobs but the management would not accept their resignation letter. This is informed by the unrealistic targets that are being given to the marketers. What the banks' managements want to hear or see is deposited fund no matter how it is secured. Because of this, very beautiful young girls and elegant young boys are always their veritable tools to achieving  this. They are employed, given huge targets in trillion Naira. An Employee's confirmation is often times largely based on his or her ability to meet the set target. Recently, a friend of mine went to see his girl friend at one the branches of one of the new generation banks but was surprised to hear that his friend has no business reporting to her branch daily as long a she is meeting her target. This girl in question is well respected as one of the outstanding marketers of the bank at large. In fact, most of the times, bank marketers are regarded as professional prostitutes. They live pseudo lifestyles because of their exposure to loan facilities. 

Following the investigation by the Central Bank of Nigeria last year into the Bank's bad loans, it was observed that most Nigerian Banks were hollow even though they were in the business of purchasing so many properties in their bids to expand their branch networks. The Central Bank stated that many of the banks have been largely exposed to bad loans having been lured into capital market and  petroleum businesses because of their lucrative nature. Virtually all the banks resorted to financing importation of petroleum products and were making huge returns on investments. However, aftermath of this review by CBN, it has been observed  that banks these days are extra cautious about  where their monies are going. Some  have retraced their steps from venturing into oil and gas business while many have sacked their staff as a result of merger or outright acquisition by bigger banks. Weekly policies from Central Bank has also taken its toll on bank employees.  Many have lost their jobs with unionism having no single saving effect on the job losses. Many are yet to lose their jobs as CBN has introduced another policy which has truncated cheque clearing by banks. 

Nigerian Banks are desperate to survive today although they are fewer in number now than ever. Many of their marketers are having high blood while others have developed hypertension. These are not unconnected with huge targets that are being given to them.  Recently, Solabomi Olugbemi, a young girl of about 29 years working with Access Bank Plc at Simbiat Abiola way Ikeja lost her life to hypertension. Because of huge  trillion naira target given to her team early this year by her director and which was not achieved, her health condition changes. Her tension heightened when 200 million was withdrawn out of the fund she was able to secure. She reportedly fainted and was rushed to R-Jolad  Hospital Gbagada from where she was taken to military hospital Ikoyi.  At the end of the day, Solabomi, a mother of three gave up the ghost. There have been unconfirmed reports on similar incidents happening everyday in this country. A report has shown that many employees of Accesss Bank Plc are having high blood pressure and this could be attributed to their tension soaked marketing demand by the bank.
In conclusion, Nigerian Banking sector has gone through  trying times and is still undergoing such trials as a result of CBN's weekly policies. I just hope that there will be light at the end of the tunnels after all these trials.