2550
Oyetunji Abioye
Ecobank Nigeria has sacked about 50
senior managers as part of its cost-cutting measures amid a challenging
business environment.
The top officials laid off by the
pan-African lender include general managers, deputy general managers and
assistant general managers, sources within the bank told our
correspondent on Wednesday.
The banking industry has been battered
by the nation’s lingering foreign exchange crisis occasioned by the
plunge in the global crude oil prices.
Nigeria derives over 90 per cent of its
forex from the sale of crude oil. And the banking sector and the economy
have taken a beating from the sharp decline in the oil prices.
Banks’ 2015 full year results are expected to show a major decline in earnings.
A top official of Ecobank said the move was part of a “corporate alignment strategy of the bank.”
The lender recently got a new group managing director and a chairman of board of directors.
“We are top heavy and this decision is
just part of the bank’s corporate realignment strategy,” the bank
official told our correspondent.
A statement by Ecobank confirming the layoff said the affected officials had performed below the company’s expectation.
The lender said while over 300 staff members were promoted, a few officials that had low performance were “exited.”
The statement quoted the Deputy Managing
Director, Ecobank, Mr. Anthony Okpanachi, as saying, “The management of
Ecobank Nigeria Limited has announced the recent promotion of about 300
top performing workers.
“The promotion exercise, which affected
about 10 per cent of the employees, is in line with the bank’s
commitment to recognising and rewarding excellence and exceptional
performance. The promoted workers cut across all cadres of the
workforce. Also, few staff members that performed below expectation have
been exited.”
Okpanachi said the affected staff
members were selected through an appraisal exercise conducted using an
in-house performance management system, which used both financial and
non-financial metrics to categorise workers.
He noted that “the performance parameter
used to determine the performance of those promoted also revealed the
underperformance of the disengaged workers.”
Ecobank Nigeria is part of the Ecobank
Group represented in 36 African countries. The group employs nearly
19,000 people from 40 different countries in over 1,200 branches and
offices.
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