Labour Kicks against Sale of Mainstreet Bank

The organised labour in the banking industry has kicked against the sale of Mainstreet Bank Limited by the Asset Management Company of Nigeria (AMCON), stating that the unions were not carried along in the transaction process.

AMCON had recently announced  Skye Bank Plc  as the preferred bidder for Mainstreet Bank following the approval by its board of directors.

However, the major union in the industry is demanding a reversal in the sale on the grounds that  the unions in the sector were not consulted before the deal was finalised.

Speaking under the umbrella of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), it called on the federal government to immediately reverse the sale in the interest of industrial peace and harmony in the industry.

ASSBIFI National President, Mr. Sunday Salako, who made the call in Lagos at a forum to mark the ‘2014 World Day for Decent Work,’ said it had become fashionable for AMCON to sell banks to private investors without recourse to labour law.