NewStats: 3,263,903 , 8,181,809 topics. Date: Sunday, 08 June 2025 at 04:58 PM 2v4c21

Ecobank Nigeria Plc has sacked 50 top personnel as it struggles to stay afloat in the midst of biting economic hardship in the country.

TheNEWS gathered that 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 confided in TheNEWS 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.

Our source said the bank has been undergoing restructuring in recent times in trying to survive in a fast collapsing Nigeria economy.

According to our source, the source of revenue to the bank had trimmed since the hardship is biting hard on all Nigerian banks. Since Ecobank has not been making money, there was no way it could continue to pay the huge wage bill of top staff, which ranged from N1 million to N2 million.

Our source added that Ecobank was not the only bank facing the biting effect of the economy and that the bank is trying to trim its wages, but that since those at the top earned more, it decided to sack many at the top level.

Currently, Nigeria’s economy is in dire straits, as oil prices continue to slump in the international market.

There has been clamour on the government to devalue the naira, but President Muhammed Buhari is yet to concede to this idea.

http://thenewsnigeria.com.ng/2016/02/economic-hardship-ecobank-sacks-50-top-staff/

Devaluation will not help matters at all.
M an economist.....

This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

Ecobank has over 14,000 staff nationwide. Roughly 20 percent of that figure will be senior staff. That will be close to 3,000. May be 100-200 of the figure as directors and the remaining as AGMs, GMs, etc. So, in the writer’s opinion, sacking 50 of those is a sign that the bank is in distress? Using the writer’s figure of monthly salary of 2-1 million for each of the staff in the senior staff category, how can the sack of just 50 be the panacea to the survival of the bank? And where are the staff at director’s level in this rationalization exercise if the bank is starting at the top level, as the story claims? Some journalists just write what they like.

Many would follow suit.

Heritage Bank MD, in a newspaper interview on Monday, said the Bank, upon the completion of the integration with its acquired Enterprise Bank, sacked some staff that were found to be unfit. Banks, like other organisations, constantly review their operations and resources to achieve set goals and objectives. UBA, 1ST Bank and Diamond Bank have cut jobs in the last 5 months. It has nothing to do with being or not being able to stay afloat. It is about positioning for greater performance. Even my office sacked some old staff recently and employed some other fresh staff.

PM News is too credible for this type of empty story. It would have done them greater good to survey all the Banks and other major private sector employers if they want to convince people that non-devaluation of the naira is impacting negatively on businesses. Saying Ecobank sack 50 staff to prove it cannot stay afloat because revenue to the bank has trimmed is weak, at best. Yes, it is true that the economy is in a mess, but we don’t have to downgrade or black mail any organisation’s sound business principle to prove the point that president Buhari has no grip of the economy.

Unemployed adult

Lets wait for a more reliable source before one can take this junk serious.

The apocalypse is finally here

I Wish them well, that's if it ever happened and I doubt if it's for the distress they gave as reason.

Nairaland management should be careful with the type of unconfirmed news they push to frontpage especially those news that come come with a lot of "our insider sources" here and there.

My concern isn't about the sacked managers but the increase in numbers of unemployed already,now we go dey search for job on job sites abi

Someone goes home with such amount as salary whereas in the same bank someone goes home with a peanut salary.

This is serious!
Devaluation caused this i guess.The change THEY are clamouring for has come to stay.

ibkgab001:
Unemployed adult

LWKMD

Wow that is some balls to sack general managers.... Those are lik group heads.... Question who held the meeting to sack tthem..... Cos i know they are the ones that normally sack others..... Hehe guess dese days na only director level safe.

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

Please read the article again. Their salaries are 2Million monthly, 2m * 50 = 100M Monthly. This means 1.2 billion annually on monthly salary for just 50 people.

You never even reason other allowances.

which business no go stay afloat with that one?

Stop taking that weed, its not good for your health.

Useless pan african bank

kayfra is a prophet!

Hopin 4 da best bt xpecting da wost, dats da condition of our Economy, Naira Devaluation, Mass saking. baba diz iznt da change we were cravin 4.

& the dullard is in Saudi arabia praying to his gworo chewing "gods"

I hope y'all are enjoying your change

Reading news like this makes me loose interest in my studies here unizik, after graduation what next. May Jehovah help and guild us.
In lucky dube voice Jah save us, Jah protect us

Get your money out of the bank before........




I visited one of their branches some days back to make withdrawal and they referred me to another nearby branch telling us that, that branch was not operational owing to a faulty generator meanwhile, the branch they referred us to also complained of network problem and that they could not carry out any cash withdrawal transactions but all the while they were busy collecting deposits from customers.

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

If you know how much the bank will use to service their employment, you will know the excuse is tenable.

AGM nd above will be costing he bank nothing less than 2.5 million per month(tax, pension etc inclusive)

2.5 * 50 * 12 million

Do the maths

CharleyCharley:
& the dullard is in Saudi arabia praying to his gworo chewing "gods"


I hope y'all are enjoying your change

Banks Sack regularly my man its not new to us all

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

50*2million =100million naira monthly
100million *12=1.2billion naira annual salary for these 50 managers.

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

It's called efficiency saving strategy

Lean management with refocused strategy usually reinvigorates and in turn force managers to think outside of the box without compromising quality and of-course delivering results as expected.

Godswillnwaoma:
Reading news like this makes me loose interest in my studies here unizik, after graduation what next. I pity this country.

Hold on to your destiny.

Never lose hope.

Sirlancelot:
Useless pan african bank

Bros you sound pained

wow, only God knows how many people will retain their job before the end of this economic meltdown.