am begining to get worried over SANUSI's actions

More banks are sacking their workers as they struggle to adapt to the new corporate governance instituted by the Central Bank of Nigeria in its move to clean up the industry.

Yesterday, Wema Bank Plc sacked about 500 workers nationwide, including 25 top management staff, while First Bank of Nigeria Plc is also involved in a dispute with a labour union for allegedly forcing workers to resign.

Tunde Olofintila, a spokesperson for Wema Bank, who confirmed that the bank had sacked some workers, said the number was less than 500. He however refuse to disclose the number of workers affected. "Some people have been disengaged already, and as I speak, some are still receiving their letters," he said. "I cannot tell you how many people would be affected.

This is because letters are still being distributed to various people and I won't want to give you a figure that would later be incorrect. The whole process would have to be completed before an accurate number can be gotten, but I can assure you that it is not up to that number that you are talking about" he said.

http://234next.com/csp/cms/sites/Next/Money/Business/5456600-146/story.csp

damn!

Why the sack?

I pity those people who are sacked, gosh we nooow have a higher rate of unemployment, and sure more crimes comes in.

People should not sleep with their two eyes closed because unemployment will lead to more cases of robbery.

Wahala dey for Naija!

Why are they sacking the workers? Are they responsible for the non performing loans running the banks down?

My sister works there o. Can somebody re-assure me she will not be affected?

knight4u:

Wahala dey for Naija!

There is something called recession out there and Nigeria is not immune to it.

temmytanny:

am begining to get worried over SANUSI's actions

http://234next.com/csp/cms/sites/Next/Money/Business/5456600-146/story.csp

Without his action, the bank might have collapsed and more would be out of job, it is called restructuring.

Oluschenco:

People should not sleep with their two eyes closed because unemployment will lead to more cases of robbery.

That is true, however, anyone that resulted into robbery cos of losing his/her job, must have always been a robber before, just never used the skill with guns.

eunisam:

Why the sack?

Sack is cos they need to restructure and they need to tight their wallet, cos time of free money is over. They now realize that some of the expectations on the marketers are insane.

Some of the people losing their jobs in Nigeria has always been unemployed"ly" employed, or how do u explain someone that has job and cant provide for his/her family, or those that dont even get paid for months?

Is not 500 workers oooo. Today's Guardian says is 155 workers.

job loss  

Easybaby:

This is not fair

let those ogas cut down their salaries b/4 the sacking

25 of the executives has been laid off too, according to the news, so what else?

@ ALL BANKERS

Stopping doing big boys and girls on borrowed funds, stop going to UK unnecessarily on ur vacation, have concrete investments asap!!!!!!!!!!!!!!!!

Desprate times calls for desperate measures.

He that has ears, let him hear what the spirit is saying, A word is enough for the wise!!!!!!!!!!!!!!!!

This one is just wickedness and transfer of aggression.Is it the innocent bankers that said that none performing loan should be given out?People can no longer hear word again becos of economic meltdown.For more than twenty years now they have been economic meltdown in Nigeria.Just becos America started crying economic meltdown the whole world started shouting economic meltdown.God will comfort all those that are affected.I really feel for them.

I wonder at the total staff strenght of Wema Bank, if 500 can be dropped in one swoop! If the number is correct, how will this impact on service delivery? The most worrisome concern is whether there is a buffer for the affected "victims" in terms of meaningful severance packages,

Utaroz:

I wonder at the total staff strenght of Wema Bank, if 500 can be dropped in one swoop! If the number is correct, how will this impact on service delivery? The most worrisome concern is whether there is a buffer for the affected "victims" in terms of meaningful severance packages,

I wonder

This is very bad,

Although We know the economic recession just kicked off last year in some advanced countries.
The government of these countries are making efforts to cushion the effects,
These countries are better off before the recession period,

But Nigeria has been in economic recession since the 90's,
So trying to worsen the situation bcoz of the so called global problem is not acceptable,
The employment rate in Nigeria has not been good since I can remember,
Why should we allow it to get worse.
This whole financial problem in the country is some kind of set up to further impoverished the already poor and average nigerians.

I thought the government said they had pump in some bailout fund to the financial industry,
Why these alarming loss of jobs, ? There is more to it than met the eyes,
I rest.

bad

Will that be the best decision to curb this problem?Why can they slash their workers' salary to reduce cost rather than laying off workers.It has said that when two elephant fights,it's grass that will suffer the conquency.God help us in this country o.

, what is going on in my beloved country?

na waoooo too bad

hmmm,

when ignorances is the norm among people that  are making decision for this nation,this is what happens,will they make alternative for these people,families.America bail out funds are for the workers,so that their jobs will be save while the company battles for survival.Ours is to sack workers while the chiefs/MDs still the bailout money.God is watching us

Fyneee sanusi is trying to restructure the banking industryy, der r better ways of resturcturingg dat wil nt affect potential investors and stakeolders in d bank. sacking of workerss in banks is just one of the numerous effects of his actionss. And the manfcturing industry as wel as petroleum indstryyy is goin to be affected the most by thiss, nd for those talking rbsih bout bank executives living big, goshh , its nt der falt, check CEO's of banks in other country so its nt der fault,

floriana:

My sister works there o. Can somebody re-assure me she will not be affected?

Don't worry about that I would speak to the appropriate authorities to make sure your sister is not affected by the mass sack. LWKMD!

sayso:

when ignorances is the norm among people that  are making decision for this nation,this is what happens,will they make alternative for these people,families.America bail out funds are for the workers,so that their jobs will be save while the company battles for survival.Ours is to sack workers while the chiefs/MDs still the bailout money.God is watching us

In America companies that received bailout are still firing people till today as we speak. Even with the bailout banks 80+ banks have failed and they are already predicting it could reach 100. Let be honest with ourselves, the economic situation has forced a lot of companies around the world to restructure and cutcost. Even banks and companies that did not receive bailout out are cutting jobs.

Unfortunately in Nigeria the situation is worse, because the economy has been bad before now. In Nigeria before the Sanusi firing, banks were already slashing workers salary and firing people behind close door, the difference now is that it is getting newspaper attention. And most banks did not want to come out and say they were firing becasue it would have been a sign all is not well with the bank and now the CBN has come out and said the truth.

triistar86:

Don't worry about that I would speak to the appropriate authorities to make sure your sister is not affected by sack. LWKMD!

bad pigin ROFLMFAO

another failing of sls bank reforms.

Gentlemen, we are yet to see the effect of our new "Sanusisation Theory".  "a good decision at the wrong time".  Credit facilities has been frozen by banks.  Oil companies cannot have access to loan and cannot import or execute contracts.  Companies are begining to wind up, Naira continues to depreciating on weekly basis against Dollar.  It is bad.  Sanusi is good guy with right solution; but at the wrong time.  He is "Intelligent without wisdom"

but you're already seeing the effect unfolding before your very eyes!

I think the sack is an eye opener to more rightsizing exercise that will take place in the Banking Industry. Bankers donot really have job security May God help us oooooooooooooooooo

Can anyone tell me d criterion for laying off a worker. Or is this an avenue for superiors 2 settle scores with surbordinates they consider enemies?

, The fear of death is worse than death itself!