Don't Miss


Home   >   Market - Finance   >   Finance   >   Mainstreet Bank Terminates 800 Employees, Labour Threatens Nationwide Shutdown

Mainstreet Bank Terminates 800 Employees, Labour Threatens Nationwide Shutdown

By on June 26, 2012

Mainstreet bank, formerly Afribank Nigeria Plc, terminated the services of 800 of its employees last Friday, including 650 members of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), a unit of the Trade Union Congress of Nigeria (TUC).

The  Secretary General of the Trade Union Congress, Comrade John Kolawole made the disclosure at a press conference in Lagos yesterday. He queried Mainstreet bank’s sudden unilateral action despite ongoing negotiations and a court injunction that prevents Mainstreet from terminating employees.

He said, “there is an injunction by the tripartite committee between representatives of the Federal Ministry of Labour and Productivity, the union and management of Mainstreet Bank. The committee insisted that the bank must maintain the status quo till the issues were resolved.”

“The Trade Union Congress of Nigeria (TUC) views this act of Management of Mainstreet Bank Ltd as the height of provocation and lawlessness which is condemnable.  Consequently, TUC unequivocally states and demands the reversal of these terminations and other anti-labour acts immediately, failing which TUC will mobilise all its affiliates, allies and resources to shut down completely the operations of the bank nationwide.”

He added, “We are therefore appealing to all well-meaning Nigerians, Hon. Minister of Labour and  Productivity, Governor of Central Bank of Nigeria, Director-General, Nigeria Deposit Insurance Cooperation (NDIC), The Managing Director, Asset Management Company of Nigeria(AMCON), Acting Inspector General of Police to prevail on the Management of the Bank before the bubble bursts.”

Media reports say the management of Mainstreet Bank terminated the employees by denying them access to the company’s IT network, physcial offices and asking them to wait for their termination letters which would be disseminated to them via email.