Ecobank Restructures, Sacks Top Managers, Promotes Others


Yemisi Izuora


There are indications showing that Ecobank is in the process of restructuring its business which has reportedly led to axing of senior management jobs.

Oriental News Nigeria gathered that about forty top managers of Ecobank Nigeria Plc have been laid off.

Those affected include Assistant General Manager, Deputy General Manager and above.

It has also been revealed that those shown the way out earned monthly salaries which ranged between N1 million and N2 million.

It is not clear if it is an indication that the bank is having some operational challenges.

An Insider who was reacting to the crises noted that “Ecobank is not the only bank facing the biting effect of the economy and the bank is only trying to trim its wages,” adding that “Since those at the top earned more, it decided to sack many at the top level.”

However, the spokesman of the bank said that what happened was part of restructuring at Ecobank not sack as being reported.

it will be recalled that recently, First City Monument Bank,FCMN laid of over 700 staff. The axe is set to dangle soon on about 300 more staff of FCMB.

The Ecobank as part of the exercise announced the  promotion of about 300 people described as top performing staff. At least 10 percent of its workforce was affected by the promotion exercise, the bank said.

A statement by the Deputy Managing Director of the bank, Anthony Okpanachi, said Ecobank was fully committed to rewarding excellence just as it was poised to continue taking appropriate positive action in line with international best practice to sustain excellence in its work force.

According to Okpanachi, “Our people are our precious assets who enable us maintain service quality standards, uphold customer satisfaction and enhance our brand experience.”

The promotion exercise came on the heels of an in-house appraisal of its workers.

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