Ecobank Fires 1,000 Staff Weeks After Sacking 50 Senior Managers

Ecobank Nigeria Limited on Wednesday sacked some of its staff just as the it announced the conversion of over 200 outsourced personnel to permanent employees.

The bank in a statement issued and obtained by the News Agency of Nigeria (NAN) in Lagos said it was part of “its renewed drive for optimal performance”.

Mr Charles Kie, the bank’s Managing Director, was quoted by the statement as saying that the bank realigned certain roles to ensure improved efficiency.

This he said necessitated the exit of some staff who were adequately compensated.

He maintained that this was also in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.

He emphasised that the Ecobank Group was on a trajectory to achieve leadership and “Ecobank Nigeria remains one of ETI’s major affiliates as well as one of Nigeria’s systemically important financial institutions.”

A staff of the corporate affairs of the bank, who pleaded anonymity, told NAN that the number of staff sacked could not be confirmed but sources at the bank said upto 1,000 staff might have been affected.

The statement also announced the conversion of 200 out-sourced staff into a permanent positions in line with its commitment “to develop and grow talent by nurturing its people”.

It said the conversion was also part of its drive to attract and reward talent and reposition the bank for improved efficiency.

The statement stated that the bank also implemented a merit pay increase for the top performers across all cadres in recognition of excellence.

The managing director said the bank was resolute in recognising and rewarding excellence that would drive its goal of achieving exceptional performance in the industry.

“This is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.

“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 asset, so we have emphasised the need to reward our best performers to re-invigorate our people while also opening up new opportunities for talented, 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”, he stated.

NAN recalls that the bank in February sacked about 50 senior managers as part of its cost-cutting measures amid a challenging business environment.

The top officials laid off by the bank were general managers, deputy general managers and assistant general managers, among others.





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