Why are we being controlled by this IMF like some puppet???
Am really sorry for Ghana
Why are we being controlled by this IMF like some puppet???
Am really sorry for Ghana
MICHAEL AGYEKUM 7 years ago
The capitalization must be brought on board. The NPLs keep increasing and the banks provision for bad debts are usually under stated.
Aside this there is something going on at FBNBank which the Ghanaian public need to know.I ... read full comment
The capitalization must be brought on board. The NPLs keep increasing and the banks provision for bad debts are usually under stated.
Aside this there is something going on at FBNBank which the Ghanaian public need to know.It is an article which I want to put out for reading.
FBNBANK (GHANA) HAS QUESTIONABLE BUSINESS ETHICS
For a bank that will devise a scheme to cheat on its employees should raise eye brows. This is exactly what FBNBank Ghana has done to some employees of the Bank. This is also a bank which has been operating on the soil of Ghana for less than two years to be involved in; such action calls for close observation particularly by the Regulator and the business community.
The Labour Actmakes adequate provision for the termination of the employer/employee relationship. It is also worth noting that the ages for voluntary and compulsory retirements have been covered by our laws. The law therefore has nothing like Early Retirement. Unfortunately, this Bank adopted this term to outwit employees, from going through the approved process for disengaging staff before their lawful retirement.
Anybody conversant with the Companies Code, 1963 (Act 179) knows that the Board of Directors has the singular mandate to administer the company. The authority possessed by the management on the other hand is derived from the board. Any action taken by management which is not authorized by the board is ultra vires. This was exactly what the management of FBNBank did in disengaging a section of their employees which is narrated below. It is the same when management does anything outside the approval by the board.
The management wanted some staffs in the age category of fifty years and above to be disengaged before their retiring age. And it will surprise readers that it was not all staff in this category who were targeted for disengagement. Management has listed the staffs they wanted to send home. The proposal was sent to the board and it was amended. The approval given by the board was far reaching but because it did meet the parochial interest of management, it kept the decision of the board from the staff and proceeded according to their whims. Before proceeding management was cautioned by the board to ensure due process was followed. Knowing what they intended to do was illegal management proceeded to bribe some officials of the ICU and UNICOF. The sad aspect of this was that local leaders of these two labour unions were aware but they turned blind eyes on.
A staff in this age groupwho qualified under the terms approved by the Board, was denied exit when he applied. The staff resigned afterwardsdue to unfriendly business environment caused by insults and taunting and infringement of the individual’s human rights. This staff left without any form of compensation after several years of dedicated service. It is rumored the exit of this staff triggered the resignation of the Chief Risk Officer and the recall of the CEO to Nigeria.
The process adopted by management to disengage the employees was meant to cheat in terms of benefit due the staff. This enabled the bank to make some good profits in the years 2014 and 2015. Similar exercise has been done by other banks in the past and the staffs involved were adequately re-settled without any hue and cry.
The affected staffs are in court seeking various remedies from the bank. It is even very funny for management to clearly identify what was done. They same exercise is being termed Early Retirement and Redundancy. Management is confused because the law recognizes redundancy and there is process for carrying it which the bank failed to do. The Trial Judge is being asked to expedite ruling on the matter since many families are at risk of being torn apart. The saying ‘’ Justice delayed is justice denied’’ should come to play.
The staff whose application was declined has petitioned the Board of Directors to annul the decision of management and to grant his request. Should the board fail this will also end up in court. The bank should be estopped from carrying out its own decision.
This development points to the fact that FBNBank Ghana has questionable business ethics; ethics meant to cheat its stakeholders to create value for the shareholders. If the staff who are very instrumental in generating this value can be treated like this, one can only be suspicious about the sanity of business with the bank’s unsuspecting customers and the business community in general.
Why are we being controlled by this IMF like some puppet???
Am really sorry for Ghana
The capitalization must be brought on board. The NPLs keep increasing and the banks provision for bad debts are usually under stated.
Aside this there is something going on at FBNBank which the Ghanaian public need to know.I ...
read full comment