Intercontinental Bank sacks 26
By Omoh Gabriel & Babajide Komolafe
Friday, December 4, 2009
LAGOS—The management of Intercontinental Bank, yesterday, might have sacked about 26 senior management staff of the bank. But in an official statement, the bank said that the 26 senior management staff of the bank voluntarily resigned their appointments. Although the details of those forced resignations were still scanty as at the time of going to press, insiders told Vanguard that those affected were from the rank of Assistant General Managers and above.







Vanguard learnt that all the General Managers, the Deputy General Managers except two, and 17 Assistant General Managers were affected by the forced resignations.

The bank’s statement said “As part of the on-going restructuring exercise in Intercontinental Bank Plc, the Management of the Bank today accepted the voluntary exit of 26 Senior Management officers of the Bank.

“The collective exit which is viewed as a sacrifice, is the contribution of these Senior Management officers to the recently-launched ‘Project Transformation’ which is being implemented in three phases.

“This is expected to pave the way for the new Management to reposition the Bank on a new foundation. The Bank is committed to pursuing bold and necessary changes that will fully restore value and confidence to all our stakeholders.

“It will be recalled that the Bank recently launched “Project Transformation” which is a three- pronged strategic plan to stabilise, re-build and consolidate the bank for greater efficiency and profitability.”

Vanguard investigation, however, revealed that the affected staff were forced to resign as they were told that there services were no longer required.

Those forced out of the bank, according to a senior officials, were those regarded moles loyal to the erstwhile Managing Director Erastus Akingbola.

On Monday, the caretaker Managing Director, Mr. Lai Alabi told newsmen in Lagos while reacting to the waivers the bank granted to debtors that “we are contesting with serious issue of moles in the bank, what this people intend to achieve was to malign the bank, frustrate the progress we have made for the purpose of serving certain interests.

“This management has remained focussed in operating in an open manner with a high degree of integrity and transparency. We are succeeding in introducing a culture of good corporate governance which was entirely lacking in the past.

“A few disgruntled elements who are not happy with this new direction are working hard underground to frustrate it. We shall not allow them”

It was gathered that the sack of the senior management staff was part of the efforts of the new management of the bank to flush out senior officers who are believed to be loyal to the former management or had compromised their position during the era. Intercontinental Bank is one of the five banks whose chief executives were sacked by the CBN in the first phase of the banks’ audit exercise.

The banks’ Chief executive was sacked alongside the executive directors for poor corporate governance which led to huge non-performing loans that eroded the shareholders’ funds of the banks.

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