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Saturday, 27 February 2016

Ecobank fires senior managers

IN line with earlier predictions that Nigeria’s current economic dilemma might take its toll on employees in various sectors of the economy, the management of Ecobank Nigeria Plc, early this week, became one of the first organisations to layoff casualties created by its harsh operating environment when it sacked no fewer than 50 of its top management staff.
A competent source privy to the disengagement exercise said those mostly affected in the current purge included senior managers in the range of Managers, Assistant General Managers, Deputy General Managers and General Managers, with monthly emoluments of between N1 million and N2 million.
Daily Sun learnt that the bank reportedly took the hard decision to scale down its overheads in the wake of declining earnings occasioned by falling crude and commodity prices.
The latest retrenchment of senior management staff was believed to be one of the cost cutting measures adopted by the bank to reduce its huge wage bill to hedge the harsh headwinds threatening the profitability of most businesses in the past 15 months.
The affected members of the bank’s staff were belived to have collected their letters of termination of appointment at the bank’s headquarters on Victoria Island, Tuesday.
Although efforts to speak with the bank’s head of Corporate Communications was not successful as calls and text messages to the department were not answered, a press statement issued by the bank said the decision to sack the senior managers also led to the elevation of over 300 staff to new positions. In a statement announcing the promotion, Deputy Managing Director of the bank, Mr. Anthony Okpanachi, said the same performance parameter used to determine the fate of those elevated, also revealed “the underperformance of the disengaged workers.” “Ecobank is an institution where professionalism culture and exceptional performance and innovativeness are recognised and rewarded,” he said.

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