Nigeria: Bank Consolidation – Disengaged Bankers Demand Payment of Terminal Benefits



Vanguard (Lagos)

27 December 2011


A group of ex-bankers, disengaged during the 2005 bank consolidation by the Central Bank Nigeri, has appealed to President Goodluck Jonathan to intervene over the non-payment of their N9.8 billion terminal benefits.

Operating under the aegis of the Association of Ex-staff of Non-consolidated Banks of Nigeria, they made the appeal through their counsel, Mr Emerson Azubuike.

The appeal was contained in a statement entitled: “Ominous silence: an SOS call by members of the association to the president and his cabinet members” and made available to the News Agency of Nigeria (NAN) in Umuahia.

The statement said that the group expressed regret that the president and his cabinet members, including the Minister of Finance, Dr Ngozi Okonjo-Iweala, and Secretary to the Government of the Federation, Sen. Pius Anyim, had yet to act on the matter.

It explained that the amount being demanded was only two per cent of the N400 billion released by the CBN Governor, Mallam Sanusi Lamido Sanusi, as lifeline to banks that were “not properly” consolidated.

The statement expressed concern that while the CBN governor released the money without recourse to any legislation, he refused to release funds for the payment of the benefits as requested by the National Deposit Insurance Commission (NDIC).

“We, therefore, appeal to him and his able lieutenants to match their words with action via our letter dated Dec. 13, 2011, by approving and recommending to CBN/NDIC to pay our terminal benefits,” the statement stated. (NAN)

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