39 Views

Economic Hardship: Ecobank Nigeria Fires 1,040 Workers

The current trend of job losses being witnessed in the country due to the current economic hardship has caught up with Ecobank Nigeria, which has sacked over 1,040 of its employees.
It will be recalled that on Tuesday that 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.
According to The Punch, investigations have 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.
Kie said, “The bank, in its renewed drive for optimal performance, has in addition realigned certain roles bank wide to ensure improved efficiency. This necessitates the exits of some staff who were adequately compensated.
 
“This is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.”
He emphasised that the ETI was on a trajectory to achieve leadership and that the Nigerian subsidiary remained one of Ecobank Transnational Incorporated’s major affiliates as well as one of the country’s systemically important financial institutions.
Kie explained, “Our focus is to improve the quality of service to our customers as well as our operational efficiency.
 
“We understand that people are our key assets; so, we have emphasised the need to reward our best performers, continue to re-invigorate our people, while also opening up new opportunities for talented and committed people to join us as permanent employees. At the same time, based on our repositioning plan, we had to disengage some staff, while ensuring that, in line with industry standards, they are treated fairly.”
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.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Idongesit Umoh: Nigerian Enterpreneur Shares How She Lost N2.1m Through Online Banking
Business
75 views
Business
75 views

Idongesit Umoh: Nigerian Enterpreneur Shares How She Lost N2.1m Through Online Banking

PH - October 22, 2017

Nigerian entrepreneur and YALI fellow Idongesit Umoh today shared details of how her bank account got debited of N2.1m through some suspicious action on her online banking app. She…

Omawumi, Akpororo Announced As Judges Of New Reality Show
Entertainment
48 views
Entertainment
48 views

Omawumi, Akpororo Announced As Judges Of New Reality Show

PH - October 22, 2017

Last Resort entertainment working in partnership with Global Resources Limited, have announced the launch of Nigerian Icon, a first of its kind in talent scouting and entertainment…

Abia State Announces N10m Grant For Film Production In The State
Entertainment
31 views
Entertainment
31 views

Abia State Announces N10m Grant For Film Production In The State

PH - October 22, 2017

Abia State government has expressed its enthusiasm for the ZUMA Film Festival that is set to take place between the 1st to 5th of December, 2017 in…

Buhari Holds Bilateral Meetings With Guinea President, Pakistan Minister
Politics
46 views
Politics
46 views

Buhari Holds Bilateral Meetings With Guinea President, Pakistan Minister

PH - October 22, 2017

President Muhammadu Buhari held bilateral meetings with President Alpha Conde of Guinea and Prime Minister Shahid Khaqan Abbasi of Pakistan in Turkey on Saturday. See photos:

37 Job Opportunities Open For Nigerians In UN
Politics
41 views
Politics
41 views

37 Job Opportunities Open For Nigerians In UN

PH - October 22, 2017

UN deputy secretary-general, Amina Mohammed has said that there are 37 career openings for young Nigerians under the United Nations bureaucracy. Amina disclosed this at a Cultural…

How Kachikwu Led Global Outreach To Boost Nigeria’s Oil Revenues
Business
68 views
Business
68 views

How Kachikwu Led Global Outreach To Boost Nigeria’s Oil Revenues

PH - October 22, 2017

The extra resources derived from the OPEC production concessions which Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources has been fighting for are boosting the…

Photos from Davido’s Friend, Tagbo Umeike’s Burial in Anambra State
Entertainment
85 views
Entertainment
85 views

Photos from Davido’s Friend, Tagbo Umeike’s Burial in Anambra State

PH - October 22, 2017

Davido's friend, Tagbo Umeike who died from suffocation and alcohol poisoning on the eve of his birthday at Shisha Lounge in Lekki, Lagos on October 2, has…

5 Quick And Stunning Facts About The Nigerian That Painted Obama’s Portrait
Best of Nigeria
69 views
Best of Nigeria
69 views

5 Quick And Stunning Facts About The Nigerian That Painted Obama’s Portrait

Mabel - October 21, 2017

The skilled craftsman who is a New York-based representation painter, known for his exceedingly naturalistic depictions of dark individuals in chivalrous postures, will be the main dark…

Eat These Common Foods And Lessen Your Risk Of Colon Cancer
Food and Health
100 views
Food and Health
100 views

Eat These Common Foods And Lessen Your Risk Of Colon Cancer

Mabel - October 21, 2017

You know entire grains are useful for your heart, yet they may have another advantage, as well, as indicated by a new report from the World Cancer Research…

SEE This Nollywood Director’s ‘Birthday Cake’ Everyone Is Talking About – [One Of A Kind]
Entertainment
74 views
Entertainment
74 views

SEE This Nollywood Director’s ‘Birthday Cake’ Everyone Is Talking About – [One Of A Kind]

MT - October 21, 2017

  Nollywood director, Ugezu J. Ugezu who is currently on set with his crew for the making of the movie ‘THRONE OF REVENGE’, celebrated his birthday with…

5 Drugs That Get Nigerians High Far More Than Marijuana
Food and Health
67 views
Food and Health
67 views

5 Drugs That Get Nigerians High Far More Than Marijuana

Mabel - October 21, 2017

  The codeine culture is getting more intensed in north and in urban ranges of Southern Nigeria. It is the most loved medication of decision for some…

Exquisite First Photos From Ex Governor, Mimiko’s Daughter’ Traditional Wedding In Akure
Politics
78 views
Politics
78 views

Exquisite First Photos From Ex Governor, Mimiko’s Daughter’ Traditional Wedding In Akure

MT - October 21, 2017

On Thursday 19th October, 2017, Ondo State’s former Governor Mimiko’s daughter, Bibitayo tied the knot with his sweet heart, Adetola Aderemi in the State’s capital, Akure. Dignitaries…

How Actor Mofe Duncan’s Sister Was Chased To The Point Of Death By FRSC Officials – Friend
Entertainment
47 views
Entertainment
47 views

How Actor Mofe Duncan’s Sister Was Chased To The Point Of Death By FRSC Officials – Friend

MT - October 21, 2017

  Nollywood actor, Mofe Duncan took to Instagram moments ago to narrate how his sister Matilda sustained injuries in an auto accident in Abuja. The accident, according…

Nigeria’s First Lady, Aisha Buhari Relaxes On A Yacht With Wives Of Other Leaders In Turkey (Photos)
Politics
89 views
Politics
89 views

Nigeria’s First Lady, Aisha Buhari Relaxes On A Yacht With Wives Of Other Leaders In Turkey (Photos)

MT - October 21, 2017

Nigeria’s First Lady, Mrs Aisha Buhari was seen with wives of other world leaders relaxing on a yacht in Instanbul while being hosted by the First Lady…

Quick Reminder Facts About ‘Legendary DaGrin’ As Fans Celebrate His 30th Posthumous Birthday
Buzz & Trends
58 views
Buzz & Trends
58 views

Quick Reminder Facts About ‘Legendary DaGrin’ As Fans Celebrate His 30th Posthumous Birthday

Mabel - October 21, 2017

Oladapo Olaitan Olaonipekun, also known as Dagrin (21 October 1987 – 22 April 2010), was an award-winning Nigerian rapper from Ogun, Nigeria. A film of his life…

Atiku’s Ex Daughter-in-law, Miss Ummi Reveals What Led To The Custody Battle With Ex Hubby Aminu
Politics
73 views
Politics
73 views

Atiku’s Ex Daughter-in-law, Miss Ummi Reveals What Led To The Custody Battle With Ex Hubby Aminu

MT - October 21, 2017

In an interview with Punch, Miss Ummi Bukar Bolori, ex wife of Aminu, one of the sons of the former vice president of Nigeria, Abubakar Atiku, reveals…

Kebbi State’s Accountant-General, Mohammed Dakingari, Sentenced To 70yrs Jail Term For This Reason.
Politics
59 views
Politics
59 views

Kebbi State’s Accountant-General, Mohammed Dakingari, Sentenced To 70yrs Jail Term For This Reason.

MT - October 21, 2017

The Court of Appeal Kebbi Division has upturned the judgment of a Kebbi State High Court which discharged and acquitted Mohammed Arzika Dakingari, Accountant General of Kebbi…

This Is What Governor Amosun Is Saying About The Stories Making Round That A Youth Corper Gave Birth To Twins For Him
Politics
102 views
Politics
102 views

This Is What Governor Amosun Is Saying About The Stories Making Round That A Youth Corper Gave Birth To Twins For Him

MT - October 21, 2017

Mr Ibikunle Amosun, the governor of Ogun State, on Friday morning broke his silence on what he considered as the avalanches of rumours and falsehood being peddled…

Loading...