Don tells banks to employ bankers rather than bank workers

Prof. Ailemen Ikpefan has advised the management of banks to employ bankers rather than bank workers in order to curb the financial crisis in the banking sector.

Ikpefan, Professor of Banking and Finance at the College of Management and Social Sciences, Covenant University, Ota, gave the advice in an interview on Monday in Ota, Ogun.

He noted that Nigerian banks had gone through turbulent periods before and after the introduction of prudential guidelines in 1990, as amended in 2010, but sharp practice, insider trading, waste, and round-tripping, among others, were still prevalent in them.

“Nigerian banks need more bankers than bank workers because bank workers are non-professionals from various disciplines working in banks, while bankers are chartered bankers (ACIB holders),” he said.

The don alleged that more bank workers were involved in frauds than bankers, a situation he said had continued to lead to a financial crisis in the sector.

He added that bank workers believed that they did not have anything at stake, so they got more involved in fraud than the bankers.

Ikpefan emphasized the need for employees to be professionally equipped and empowered through continuous training.

This, he said, would help them sustain digital banking, ensure quality delivery of services at the right time, and retain customers of Nigerian banks.