NLC Warns Bank Recapitalization May Lead to Thousands of Job Losses

The NLC has expressed concerns about potential job losses stemming from the banks' recapitalization exercise mandated by the CBN.

Previous recapitalization efforts in 2005 and 2010 led to the loss of over 12,000 direct and indirect banking jobs.

The NLC president warned that the latest round of recapitalization could lead to further job cuts, loss of benefits, and greater unemployment.

He said the policy often forces struggling banks to merge, be acquired, or go under, resulting in redundancies.

The NLC expects increased workplace grievances and industrial tension within the banking sector due to potential cost-cutting measures.