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The United Labour Congress will be without the banks and other financial institutions in its planned nationwide strike.

Banking and insurance industries’ workers under the aegis of the National Union of Banks, Insurance and Financial Institutions Employees have pulled out of the planned nationwide strike directed by the United Labour Congress.

The association, in a statement on Sunday, said there were critical issues facing the financial services, allied industries and the economy in general and, as such, shutting the sectors was not an option.

The statement, which was signed by the new President, NUBIFIE, Abdulrasheed Lukman, read in part, “The union just emerged from its delegate conference and a new leadership emerged. There are a number of issues that beg for attention in what has been happening in our industry. Shutting the financial industry at this critical period of our economic life is not an option.

“The congress in session did not discuss neither did it ratify any industrial action. Therefore, we dissociate NUBIFIE from the planned action of the ULC. The affiliation of NUBIFIE to ULC was done out of the context of the procedure and constitution of our great union and the congress in session resolved and passed a resolution for the return of NUBIFIE to its original affiliation, NLC, as contained in the union’s constitution.”

Lukman said that following the development, the association directed its members in banks and insurance companies to shun any contrary directive.

The NUBIFIE leader, therefore, maintained that the association would not partake in any planned industrial action as called by the ULC.

“The process of engaging in industrial action is well stipulated in the laws of the land and rules of engagement,” he added.