'Training Bond' - slavery in the banking sector [MUST READ!!!]

I came across the following post by Obinoscopy [not real name] on Nairaland, its so disheartening [if true]. The Nigeria Labour Congress & Lawmakers needs to clarify and correct this:

Training Bond For A Nigerian Bank: An Enslavement Of Our Labour Force?
 
Hi fellas,
I came across the Training Bond of a Bank for their new staffs and I wept bitterly for this country and for the poor employment rate in the country. The Bond was nothing short of enslavement of the employee to the Bank. In the Bond, the employee is bound to the Bank and will pay a sum of 2 million naira if he/she decides to leaves the bank before 2 years.

What infuriates me the most is that the liability of the Bond rests squarely on the employee alone (the Bank are not liable in any way). The Bank is not obligated to compensate the employee if they are the ones that decide to terminate the appointment of the employee. In fact, if the Bank decides to sack the employee before the expiration of the 2 years, the employee is still to pay the Bank for the training programme and for the unutilized portion of the 2 years!

I won’t give the name of the Bank but find below the full content of the Training Bond for your perusal and comment: 
TRAINING BOND

By this bond, I _______________ of _______________ and ______________ (hereinafter called “the Surety”) are held and firmly bound unto *******, of, ****** Lagos (hereinafter called “the Bank” which expression shall where the context so admits include its assigns and successors-in-title) in the sum of Two Million Naira (N2M) for the payment of which sum the Employer and the Surety bind themselves, their heirs, Executors, Personal Representatives jointly and severally by these presents.

WHEREAS:
(i) The Bank has selected the Employee to attend Entry Level Induction

(ii) The condition for the selection of the Employee is that the Employee enters into Bond to continue in Employer’s employer after the training programme.

(iii) The Employee has agreed to enter into the Bond, attend and complete the training programme in Union Bank Learning Academy, Oba Akran Avenue, Ikeja and continue in the employment of the Bank for a period of two (2) years after completing the training programme.

1. NOW THIS DEED WITNESSETH as follows:

(a) In consideration of the Bank sending the employee on training as aforesaid, at the Training School, Yaba, at the cost of the Bank, the Employee HEREBY IRREVOCABLY BINDS himself to the employment of the Bank for a period of Two

(2) years after attending the training programme.

(b) In the event of the Employee leaving the employment of the Bank for any reason whatsoever other than termination or dismissal, before the expiration of the two years above stated, the Employee shall pay to the Bank the sum of Two Million (N2M) at the prevailing interest rate per annum.

(c) If the Employee fails to perform or observe this agreement, he and/or the Surety forthwith pays to the Bank the sum of Two Million Naira (N2M) as and for liquidated damages and interest on the said sum at the prevailing bank rate per annum.

(d) If the Employee fails to complete the course, the Employee and/or the Surety pays forthwith the pro-rated cost incurred by the Bank on the training programme plus interest at the prevailing bank rate;

2. NOW THE ABOVE WRITTEN OBLIGATION is condition to be void in either of the following cases:

(a) If the Employee completes the training programme and remains in the employment of the Bank for a period of Two (2) years after the said training programme.

(b) If the Employee’s employment is terminated or dismissed before the expiration of the two (2) years after attending and completing the training programme, the Employee and/or the Surety pays for the unutilized portion of the stipulated Two (2) years, the pro-rated cost of the training programme plus interest at the prevailing bank rate.


Credit: Obinoscopy/Nairaland