NUBIFIE resolves crisis, seeks support to tackle financial sector’s challenges

The lingering internal crisis rocking the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) has been resolved.The union also sought the support of relevant stakeholders to tackle the numerous challenges in the sector.

At a brief handing over ceremony at the union’s secretariat in Lagos, where the past president, Danjuma Musa handed over to the new executives, headed by Anthony Abakpa, the union announced that having reconciled its differences, it has resolved and determined to carry out its responsibilities of protecting the interest and general welfare of workers in the industry.

In tackling some of the challenges in the industry, the recent policy by the National Insurance Commission (NAICOM), supposedly intended to strengthen the industry and protect the insuring public, NUBIFIE called on NAICOM to take another look at the policy with a view to reviewing it to address public concerns and apprehensions regarding the policy.

The union, who described the policy as discriminatory and restrictive of choice, said it undermines level playing ground capable of driving aground many insurance companies, noting that it was not good for an under-insured economy like Nigeria.

According to Musa, “the new policy by NAICOM, categorizing insurance firms into tiers 1, 2 and 3 would throw the industry into chaos, which may lead to the collapse of many insurance companies.”

Similarly, they also called on the management of Polaris Bank to take advantage of the already established relationship it has with the union, taking into cognizance the number of years spent in the defunct Syke Bank and incorporate into the system.The new president, Abakpa, who commended the members for their co-operation during its national delegate conference, promised to put in his best to move the union to greater heights.