Wednesday, 24 February 2016

Ecobank Fires top 50 Managers

Ecobank Nigeria Plc has sacked 50 top managers of the bank as it struggles to stay afloat in the midst of biting economic hardship in the country. The rank of those sacked ranged from Assistant General Manager, Deputy General Manager and above whose monthly salaries range between N1 million and N2 million.

The affected top management staff of the bank were handed their sack letters from the bank’s head office in Victoria Island, Lagos, Southwest Nigeria on Tuesday.

A source in the bank told PM News that the bank has been going through tough time as a result of crippling economy, occasioned by dwindling oil prices and the crumbling of the naira to dollar, leading to lots of restructuring in recent times in trying to survive in a fast collapsing Nigeria economy.

According to the insider, the source of revenue to the bank had trimmed since the hardship began biting hard, noting that, it is affecting all Nigeria banks and that since Ecobank had not been making money, there was no way it could continue to pay the huge wage bill of top echelon staff which ranged from N1 million to N2 million.

“Ecobank is not the only bank facing the biting effect of the economy and the bank is only trying to trim its wages,” the source told PM News.

Adding that “since those at the top earned more, it decided to sack many at the top level”.

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