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Corporate Fraud

Exclusive: National Bank Of Kenya Exposed

Wilfred Musau, CEO, National Bank Of Kenya.

There’s a planned merger between Kenya Commercial Bank (KCB) and National Bank of Kenya (NBK) that has been discussed and okayed by the industry regulator, Central Bank of Kenya (CBK).

The discussions of the merger among other things agreed that employees of NBK should not be fired at least for two years after the merger, a practice that is often done when mergers occur.

However, has learnt that the rogue NBK management has already started firing staff in total disregard of the agreement.

The management has taken advantage of the appraisal system to declare some employees non-perfomers and in turn firing them. This is even outside the retrenchment period that was carried out and ended last year.

This is curious because it comes at a time when no such appraisal talks should be happening.

The appraisal talks are also done with such drive such as never been seen before.

The agreement that employees weren’t going to lose their jobs because of the merger has been raped and flouted by NBK. It was well publicized in the media to hoodwink staff, but in the real sense, the wankers in management of NBK have circumvented the law and are now misusing the appraisal system to declare staff redundant or non-performing so as to easily sack them.

Question is: is this an internal agreement between the two banks?

In the agreement, NBK is supposed to operate independently for two years after the Sh5.6 billion share swap transaction and then merge with KCB, at which point the reduction of NBK’s staff count of 1,356 workers is set to start.

Isaiah Kubai, BIFU Secretary General

If the Banking Insurance Finance Union of Kenya (BIFU) led by Sec. Gen. Isaiah Kubai truly worked for its members, then this would not be happening. However, all that BIFU’s Secretary General Isaiah Kubai knows is to boast about his nonexistent academic certificates and bought titles. He understands little of what a union is meant to do.

Clueless and senile Kubai will not help and that’s why the financial industry staff requires new fresh blood, an intelligent person who works in the financial industry, who is not past retirement age, who has the interests of workers at heart, to run BIFU.

Why hasn’t BIFU held an election for the part 33 years? (since it’s founding)

It is also not by chance or a normal process in this hard times that the thieving management of NBK is firing staff.

CBK should sincerely investigate this employment malpractice.

More on this later.

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