First Bank

Wednesday, February 24, 2016

Ecobank Fires 50 Senior Management Staff

The management of Ecobank Nigeria Plc has carved to the pressure of the harsh economic realities in the country by sacking 50 top management staff, a reliable source said.

According to The News, the rank of those who were sacked ranged from Assistant General Manager, Deputy General Manager and above, many of whom earned monthly pay packets in the region of N1 million and N2 million.

The bank reportedly decided to sack the top-ranking officials to be able to stay afloat as it has continued to battle with the crippling economy in the country occasioned by crumbling of the naira to the dollar and slump in the global oil prices.

The latest sacking was one of the series of restricting measures the bank had embarked on to be able to survive the harsh economic climate, a source was quoted as saying.

The source added that the management arrived at the decision having considered the fact that the bank was not making enough money to justify the continued payment of the huge wage bill of the sacked management staff.

The affected members of the bank’s staff have collected their letters of termination of appointment at the company’s headquarters in Victoria Island on Tuesday, the paper reports

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