Skye Bank defiles FG orders, sacks 200 employees

The Nigeria economy is heading for recession. The signs are everywhere, and the first casualties are the bank staff. What do you expect? When there are no money to keep, there is no banking business. This message is being hard passed to the members of staff of the banking industry.

Last week was the news of the retrenchment of over 1000 EcoBank staff and 500 Diamond Bank staff. This week just began with the Monday news of the sack of about 200 Skye Bank's members of staff despite the warning of the Minister of Labour and Productivity, Dr. Chris Ngige, for the suspension all retrenchment process "pending the outcome of the proposed stakeholders' summit for banking, insurance and financial institutions' employers and employees, slated for first week of July 2016."

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The statement by the Nigeria Minister of Labour particularly advised "the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold". However, the statement issued by Skye Bank reveals that the retrenchment was in pursuant to the failure of the affected members of staff in the bank's appraisal exercise held in 2015. Therefore, the statement hints on the compliance of Skye Bank with the Nigeria federal government's directives, since the termination was a culmination of a process that began more than six (6) months ago.

The economic downturn is hitting hard, and employees are taking the highest toll of it.