The economic downturn in Nigeria is taking a troll on businesses in Nigeria as now exploring ways to cut their costs and still break even amidst looming economic recession.
While we wrote an article on how workers may retain their jobs amidst the imbroglio, it is reported that over 1000 employees of EcoBank have been sacked. As of Thursday, June 2, 2016, EcoBank has sacked 1040 of its workers.
In another development, another top class bank in Nigeria, Diamond Bank is reportedly laying off 470 workers from its payroll. According to our source Diamond Bank Plc sacked over 200 members of its workforce, while FBN Holdings, the parent company of First Bank of Nigeria Limited, recently said it would prune the number of its employees by 1,000.
Investigations revealed that the affected staff members of Ecobank included full time and contract workers.
Top officials of the pan-African lender confirmed that the initial list of those to be sacked had over 1,400, workers but was later reduced to “a little above 1,000.”
Ecobank spokespersons declined to comment on the number of workers who were disengaged.
However, the lender said in a statement that it had converted over 200 outsourced personnel to permanent employees as part of its drive to attract and reward talent, while also repositioning for improved efficiency.
In line with the recognition of excellence, the bank also said it had recently implemented a merit-based pay increase for the top performers across all cadres.
The Managing Director, Ecobank, Mr. Charles Kie, was quoted as saying that converting qualified outsourced staff to permanent workers was in line with the bank’s commitment to developing and growing talent by nurturing its people along their career paths and giving them access to higher responsibilities.
He said the bank was resolute that recognising and rewarding excellence would drive its goal of achieving exceptional performance in the industry.
Ecobank Nigeria is a member of the Ecobank Group, which is present in 36 African countries. The Group employs nearly 19,000 people from 40 different countries in over 1,200 branches and offices.
ETI had posted over N40bn decline in its profit for the 2015 financial year owing to high impairment charges.
Meanwhile well-meaning Nigerians, celebrities and commentators have taking turns in deriding the development.
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The scion of popular afro-beat musician, Fela Kuti, Mr. Seun Anikulapo Kuti, derided the situation is the very tragic terms,
"And dis na after dem increase fuel to N145, e be like say our suffer no go end o, we no fit just try dey look o", he wrote in Nigerian creole language, Pidgin English. In summary, he recounted the enormity of hardship that awaits Nigerians following the increase in fuel pump price and lose of jobs.
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