UBA Bank Bracing For Crisis? – By Prince Okey Emezu-Orlu


Nigerian banks, rich in every thing from untapped resources underground to the ever shining sun and human resources of young generations lacks leadership. The system is infested with corrupt directors and oppressors. The more the individual banker amasses from the bribes, the greedier he becomes and the more he closes his eyes to regulations. With time, access to bank credit has become the preserve of the very rich who see no reason to pay back, given the percentage they had paid officials.
In Nigeria young bank managers ride the most expensive cars, they belong in the most exclusive social clubs, they live in the choicest neighbourhoods and
they enrol their children in the most expensive schools. As for the top executives, they are the glamour
superstars. They move around town with long convoys of so-called security cars. They are by far the heaviest donors to Churches, with attendant privileges and what is worrisome about this phenomenon is the fact that it has continued unabated.
The strength of the oppressor lies in the ignorance of the oppressed. Nigerian banks are replicate of various forms of corrupt managing directors/oppressors who masquerade themselves as the people’s leader. Its unfortunate that the poor are still being milked be the very people that hold their destiny. It is not just sad to see everyday stories of how the employees of Nigerian banks are enslave in their own country by these bank chiefs otherwise what is the justification for the mass sack going on in UBA plc? Over 500 staff of UBA plc have been asked to resign forthwith just like that. The worst is that no meaningful severance package accompanies this sack. Not long ago, it was widely reported how the these UBA bank ‘chiefs ‘ fought to stamp out unionism in UBA, a fight they worn using ‘bribe money’ as their weapon. Today there is no union in place to fight these occupational maladies. The press is well taken care of such that they don’t say anything. An employee of the bank told Atlantic News Nigeria “we that are remaining are working in fear and those who have opportunity, waste no time in defrauding the bank”. Investigations revealed that corruption has gradually become endemic and institutionalised in UBA bank. Last week, it was reported that a staff of UBA stole over N536million from Lagos Cash Movement center. Observers believes this was done in anger as rumour had it that the deputy managing director recently bought a bullet proof custom made Ferrari car at N128million. An employee of the bank who doesn’t want his name to be mentioned questions “why is the media keeping quiet and why is this slavery allowed to persist?” UBA is gradually sinking with internal crisis rocking the bank.
Obviously this is a blow and a slap in the Nigerian financial institution. It goes to show the level of corruptions and greed in the country. Before now there was an overhaul but this does not bring tangible positive effect to the masses but continues to create suspicion and mistrust. Ernestly a new but total reform and revolution by CBN has to take it course for UBA and other banks to really move ahead.




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