The Central Bank of Nigeria (CBN) at the onset of the recapitalization to clean up the mess in the banking industry promised one thing:  no deposit will lose money and no staff will be affected by the changes.

So many Nigerians supported him and of course commended his vision of strengthening the banking sector.

But events last week at Oceanic Bank shows that the CBN governor has forgotten his promise.  When Ecobank acquired Oceanic Bank, it decided to absorb what it felt it needed. Oceanic has closed shops, being a defunct bank, thanks to the managerial incompetence of Cecilia Ibru. The bank servers are now IT junks with minimal value. ATM terminals are dead and a new reality has set in.

The big news is that more than 1500 will be losing their jobs in Oceanic Bank and associated companies. So far, CBN has not released any statement on its promise to keep jobs.

What Nigerians want to know is this: will CBN governor come to the support of these citizens, at least give them decent compensations? Ecobank should pay for these compensations because that must have been part of the deal. Unless of course, the CBN governor was not serious when he made all the promises.

Nigeria Labour Congress (NLC) must also examine if these staff have been compensated. It must be noted that these citizens worked hard but were undermined by the “napkins loan approval process” of the executive management which destroyed the lank. The staff deserve support and CBN and NLC must not abandon them.