I was out with a friend of mine on Saturday who works with a bank here in Abuja. all of a sudden, he started lamenting and said he is no longer sure of his job .

When i asked why, he said that the bank he works with just passed a circular to the top management that they are sacking over 1,000 people and his fear now is he does not know if he will be affected

According to him, so many banks in Nigeria are set to sack thousands of their staff due to bad economy and negative effect of CBN policies on banks

One of the banks that have made it public to sack staff is first bank. this is as a result of a “very bad” 2015 earnings, which saw the bank’s profit slump by 82% to N15 billion.

The chief executive officer of First Bank of Nigeria, Adesola Adeduntan, while Speaking to Bloomberg in Lagos, said the bank expects to boost its return on equity (ROE) – a key measure of profitability – to between 11 percent and 14 percent in 2016 from 2015’s figure of 3 percent.

It will be noted that according to the International Monetary Fund Net profit fell to 15 billion naira ($76 million) from 84 billion naira in 2014, as impairments soared and Africa’s biggest economy slowed amid a crash in the price of crude, the biggest source of government revenue and export earnings. Growth decelerated to 2.8 percent in 2015, the lowest level since 1999, and may worsen to 2.3 percent this year,.

So many banks in Nigeria are suffering from this and some have started sacking their staff secretly .Have you noticed that when you go to some banking halls these day, you will only see one or two staff attending to over 50 people



We now imaging a bread winner of a family of 5, who has spent almost all his life working for a bank only for him to wake up one day and be told that his does not have a job any longer.

Coupled with the bad economy where the prices of everything has gone up by 70%, how is he and his family going to cope

The point is that, the banking sector is not the only one affected, so many companies are laying off staff, some will not sack you , but when you don't receive salary for 4 months, you will sack your self. it's clear to everybody that the economy is bad and we can't continue thinking the same old way we were thinking some years back if we want to have a happy tomorrow


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9ja don cast fiinally

They are used to excess profit. If not, they can still manage their workforce without having to sack

If he ever shouted change, he should keep quiet and happily enjoy the change. CHANGE HAS COME TO STAY.

Changiiiiiiiiiiiliiiiiiiii

Gtb in my town seems to be recruiting. The last time I was there, most of the old cashiers were attending to other duties while the counter had new faces.

And yet they keep recruiting

Truth be told, nothing is guaranteed any more. The rules by which private businesses run is quite the opposite to the civil service or government companies/corporations. With the former, pragmatism is employed in the management of businesses such that it stays right to lay-off a sizable chunk of the workforce to ensure profitability.

As for your friend, only time would tell if the axe falls on him. But rather than drain his energies worrying, he should reduce his expenditure to only essential items while he work on a way forward.

I have a feeling op just used this story to promote his article and that's mean

Since a PhD holder could not add a bit to d betterment of Nigeria, I think we should support a reformed Democrat for the next remaining years than the hates.

PMB is the only hope to salvage Nigeria from its mess.

Vulgar words will strictly not be entertained on this thread.

Poor management decision is fully responsible plus Jonathan

Gbege...if God help nothing alike been an entrepreneur.

bros,banks laying off thr staffs is not a new tin,even wen d economy is booming banks still retrench.dat is d mentality of every 9ja bank.instead of looking round on hw turn tins around dey always fink d major casuality shld be thr workforce.now tell me y wont thr be fraud,wen u r not even sure u will wake up 2mao u will still retain ur job afta giving d job ur all.and in most cases,thr retrentchment is done not on performance basis.sum ppl sumwhr will just compile list and dats all,u r gone.well i dont blame dem,bank job shldnt be a do or die affair,it shld be a job dey shld be begging ppl to come and take in 9ja considering d lyf risk and stress.i fink d major cause of 1st bank slum in profit is majorly d TSA.but come to fink of it,i knw of a bank in 9ja dat declared profit of less dan 10bn and heaven did not let loose,instead d bank went 4 rebranding and some oda tins to improve.may God save us in dis country

Hmmmm. I fear for this our dear country Nigeria

Babzrockman:
They are used to excess profit. If not, they can still manage their workforce without having to sack

my thought exactly, why sack when not making losses? N15b PAT na beans?

Point s dah dis bankers aint useful any more.....each tym u go to d bank to mak transactions dey always ask ''do u hv a fone dah can browse? If u say yes dey wil giv u an email address so dah u culd do onlyn banking...mtcheeeww,,,ma question s wah do dey do @ work, since evryfin s onlyn?

chimmyluv90:
Point s dah dis bankers aint useful any more.....each tym u go to d bank to mak transactions dey always ask ''do u hv a fone dah can browse? If u say yes dey wil giv u an email address so dah u culd do onlyn banking...mtcheeeww,,,ma question s wah do dey do @ work, since evryfin s onlyn?

Is English so difficult