these are indeed perilous times. the sad thing is that most of those affected must have been honest, dedicated and enthusiastic about their duties. to those affected, please take courage and remember that the downfall of a man does not necessarily mean the end of his life. see everything as a huge challenge. cheers.

pls, can somebody tell me the date when this fellows were sacked?

UBA!!!!

of all banks,

i took elumelu to be responsible, infact i rated uba to b at par with first bank.


pity.

in times like this, downsizing is the only solution to surviving

[size=18pt]This is no news. Anyone with the sense of a goose would have seen the handwriting on the wall especially with what happened & was happening in the developed economies as from late 2008. I for one personally resigned from where i was working last year November after been owed 2 months salary. I'm still yet to be paid by my former employer who I later got to know was a chronic debtor to the banks. A colleague who decided to weather the storm with them resigned  May this year with an outstanding salary backlog of 6 months. Hard as my choice was then in that one was going into uncertain waters, it has shown to be the right one because how will I be burrowing money to go to a job and @ the end of the month, will not be able to get the  money to pay back?   I thing I've since believed even stronger than before is that your destiny is in your own hands not in that of your employer. Never allow fear of the unknown cripple you with inaction such that when you see the ship of your employer capsizing, you stay on board only to end up in 3 places.
[1] The sea bed [2] Drowned [3] A feast for life's sharks
Right now i run my own things thus I cannot afford to be lethargic else no food.
[/size]

symbianDON:

these are indeed perilous times. the sad thing is that most of those affected must have been honest, dedicated and enthusiastic about their duties. to those affected, please take courage and remember that the downfall of a man does not necessarily mean the end of his life. see everything as a huge challenge. cheers.

Exactly am glad someone else understands how things operate in nigeria . . .

- its difficult for the honest and dedicated ones to meet financial targets in a realistic environment.
- its usually the corrupt and shaddy ones that usually end up meeting targets.
- logic dictates that most banks would prefer to retain the ones that meet the financial targets . . .hence logic also dictates that it means the banks have not really purged themselves of bad eggs but instead they might have increased the concentration of bad eggs.
- hence logic dictatest that those sacked are most probably the ones with honest track record but with inability to meet financial targets.

For those affected, they may suffer damage but never no defeat

This info is not only for bankers.
If you are laid off, get self-employed so no one can lay you off again.

http://www.facebook.com/note.php?note_id=154002077391&id=1071020243&ref=nf

i dont know what the future hold 4 us in nigeria. it is hightime we took our destiny in our hand to work out things for ourselves by going on self employment. i think with this our hope will be restored. for those that the uba downsize has affected, i pray that God will make up things for them.

ON PEEEEEEEE, abeg, make dem go do business ooo, i get enough pckages for them. please, help me tell them

the country is burning, and president yaradua is in saudi arabia, in the midst of 99 virgins, on a hospital bed.
what a country,
maybe .obasanjo's regime was better

While i am not totally against downsizing and retrenchment as it is sometimes inevitable, there is an approach to every thing. The Intercontinental approach was obviously the wrong one. Laying of staff is usually a managerial decision which is planned over a period of time. CEO's don't wake up and decide to sack people the same day. So why not bring it to the awareness of those to be affected early enough so they can adjust to the new life ahead. After all, they didn't commit any crime so it shouldn't be like they'r being punished for something. Staff can be pacified by various packages, the superiors explaining before hand the reason for termination, providing supportive services for finding new jobs, counselling and finally, reasonable lay off packages that makes one feel the shock less.

This 3pm instant termination by the bank can lead to various consequences, including suicide. There's a positive approach to everything, including sacking people. Nigerians, we've got a lot to learn. Just my fair contribution.

that man called mr sanusi lamido shld resign now.he has caused so mch anguish in the lives of many nigerians by his deadly banks rescue strategy.

Well said otilox - no consultation, no preparation of workers for their exit and just sacking them like that?

As for the UBA staff, if it is true that they are made to sign a resignation letter, then it looks better in terms of future employment to claim you resigned to look for other opportunities rather than you were sacked (and others retained) which might imply your quality was in doubt.

I'm not suprised

sorry to hear this BUT for those comparing foreign recession to naija recession PLs dont compare as for those made redudndant in uk and usa they government has benefits for them which they receive every week or forghnightly BUT in naija dey get nothing, so pls dont compare.

in times like this jobs are definately going to be lost but well lets hope this is the begining of a new era free of book cooking and figure manipulation and hopefully the banking industry will bounce back stronger and create job opportunities for the future.

johnkenty:

that man called mr sanusi lamido shld resign now.he has caused so mch anguish in the lives of many nigerians by his deadly banks rescue strategy.

the man who should have been tied to electric chair would soon become the governor of anambra state

what do you expect from an industry where falsehood is practiced.an industry that claims they are healthy while in the actual sence yama yama don kill them.thunder go,

Be reasonable and stop blaming Sanusi for the layoffs happening at the Nigerian Banks. The situation could have been worse for the depositors and the economy at large if Sanusi did nothing. The Banks (aal of them) in the quest to be "better than the Jones'" embark on activities that borders on criminality and they should be held responsible for the collapse of the banking system. The sad commentary about this within the Nigerian context is that Banks (the epitome of decency, sound business practices and decency) are now the most corrupt institution in Nigeria. How can anyone justify these atrocities - giving loans (in the billions) without collateral or adequate collateral and loans to themselves.

Very sad and disappointing and then, who (which institution) is safe for investment in Nigeria.

[url]http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=191209&ptitle=Intercontinental%20Bank%20Sacks%201,500%20Workers[/url]

lthey r welcome to the party of jobless graduates like me, LOL, i am so very happy,

blackcypha:

lthey r welcome to the party of jobless graduates like me, LOL, i am so very happy,

Idiot! U r so very happy that people are loosing their means of livelihood. Do you know how many people that will be indirectly affected by this?

I wonder if you ever went to school

@I never liked anything about UBA from the onset. . . . . Everything about 'em is just so detestable

, me too. i have never liked that bank for anything!!!

Sorry to all the people who lost their jobs.

But rather pay cut than downsizing.

anyhow sha, sorry

For those claiming Sanusi is a saint, here is this for you: The banks were doing just fine when Soludo came in. banks had capital base of N2b then and some had been in existence for upward of two decades; accumulating bad debts along the way. This is to be expected even in a buying & selling business. some people will just owe u. so soludo decided to shock up d capital and along comes N25b. most banks took their capital bases/shareholders funds aboe N100b. Infact a handful were above N500b i.e Zenith, Oceanic, Intercontinental, First bank, UBA etc. Most took a hit on share loans and Soludo decided to draft the Asset management company, exactly what the US Govt did when wall street were reeling with the Subprime mortgage bad debts

The asset management would ve taken the toxic assets off the books of the banks as these were the basic issues and would ve been simply dealt with simply thus. unfortunately the sanusi craze came in and in a desperate attempt to make name, he went about scattering the industry that was the only major employer of labour in the country and in our backward reasoning as usual, pple were actually hailing him. no we can see d result. all banks are now forced to provision (set aside from their capital) bad loans they ve been carrying since inception, decades ago; most even performing


so the banks are reeling from an artificially created problem as their capital has been forced to dwindle. nobody bothered to find out how this will affect the masses in thier bid to make name and be given awards. meanwhile we are spending billions on fictitious contracts. When they changed soludo and brought on this mallam, they killed the banks, the economy and the future of our graduating youths. if you doubt me, watch what will become of our graudting youths in the next five years

I dont need to verify the authenticity of this information,its no more news that downsizing is the order of the day, all I know is that no one needs a soothsayer to know that we are just getting our own share of economic meltdown when more responsive economies of the world are now getting out of it. If the riot act is not read, am afraid time may come when the depositors will get to the bank for withdrawal, and there will be no cash available for payment, I pray it doesnt get to that.

@dancewith :
Soludo remains the sole culprit of the present state of Nigerian Banks and the economy at large.Soludo lacks the moral and integrity capacity to do the cleansing sanusi is doing now at the CBN,,,Soludo over the years as CBN Governor has been hobbnobbing with all the Banks MD and businessmen in the country only to enrich himself.In a very sane society,,,Soludo should be behind the bars serving a life time sentence.
Do you remember last year when he kept assuring Nigerians that our economy is insulated from the global recession??even a primary school student faulted soludo for such an outburst becoming of an harvard professor.
How do U want to validate a situation where for oceanic bank over 75% of all the loans are or were attributed to the Ibru families who happens to be the owners of the bank,,,even their nanny(omo odo, servant) was given loans to the tune of #14Billion Naira.
As regards the layoff,,,even in advanced countries like US,,,,the total number of bank closure in US as at todat is 140 banks all in 2009,,,So would U want these banks in Nigeria to close down or downsize
Its unfortunate how many of us just comment out of sentiment without properly disecting the issues at end.As far as am concerned soludo is a common criminal and the cause of Nigeria present economic problem,,,,

REAL TRUTH:

@dancewith :
   Soludo remains the sole culprit of the present state of Nigerian Banks and the economy at large.Soludo lacks the moral and integrity capacity to do the cleansing sanusi is doing now at the CBN,,,Soludo over the years as CBN Governor has been hobbnobbing with all the Banks MD and businessmen in the country only to enrich himself.In a very sane society,,,Soludo should be behind the bars serving a life time sentence.
Do you remember last year when he kept assuring Nigerians that our economy is insulated from the global recession??even a primary school student faulted soludo for such an outburst becoming of an harvard professor.
How do U want to validate a situation where for oceanic bank over 75% of all the loans are or were attributed to the Ibru families who happens to be the owners of the bank,,,even their nanny(omo odo, servant) was given loans to the tune of #14Billion Naira.
As regards the layoff,,,even in advanced countries like US,,,,the total number of bank closure in US as at todat is 140 banks all in 2009,,,So would U want these banks in Nigeria to close down or downsize
Its unfortunate how many of us just comment out of sentiment without properly disecting the issues at end.As far as am concerned soludo is a common criminal and the cause of Nigeria present economic problem,,,,

PREACH MY BROTHER!!!!!!!!!!!!!!!

TELL THEM,

The thing is without Sanusi taking the action he is taking now we would go back to the wonder bank days. When people lost their jobs and depositors lost their funds. Where was soludo when the Ibru family took 75% of the bank's loan for themselves. Where was Soludo when this banks were increasing at a rate that did not make sense and had the mine benz is big than yours mentality.

Get sentiments out of it. it is unfortunate that people are losing their jobs but it happened around the world. The difference between Nigeria and the rest of the world is they took their loss late last year and early this year while our own CBN governor was telling us we were immune.

some people out of sentiments or foolishness come on here and just spill rubbish blaming sanusi for the problems happening. now whereas its the other way round. if soludo had remained in position am sure these banks will be posting trillions of naira on their books. and this would have just been delaying the problems which when it will eventually happens will be worse than this.

so far as a professional without sentiments sanusi has done the right thing which in this situation has to be done, and no way it is definately bound to affect majority of the workers but lets all hope that it will be the begining of a new banking system, bigger and stronger without manipulation and false quotation of figures and granting billions of personal loans on a man know man basis.

It is quite unfortunate that all these people(uba 2000/inter1500) lost their jobs just like a flashing light without any warning or signal, but i guess what need to be done must be done without any fear/favor. My fear for the future of our graduate en undergraduate in this problem are simple, there will be; 1. Lack of faith in the banking industry, 2. Lack of job offer, 3. Favoritism(only those that have connections in banks will get employed). 4. Encouraging stealing and bad deals within the bank because of fear of loosing ones job anytime. i happens to be a banking and finance student though currently self employed,so I really advocate that every undergraduate should have a standby skill that will help em whenever this type of senario come calling.

It is time for those bankers who have lost their jobs to start thinking of becoming entrepreneurs!! There is nothing like being self employed especially in Nigeria where all kinds of jobs are hard to come by. We are in the age of information with the internet growing astronomically everyday. There are a lot of business ideas that have not been really tested in Nigeria. This is the time for dogged entrepreneurs and Nigerian graduates to start conquering the country's landscape with these dynamic business ideas and also with their innovation. I mailed business ideas to about 57 Nairalanders some months ago. I did not know many bankers will be sacked months later. As I'm typing this post, someone is already working on one of my biz ideas in Ikorodu, Lagos. I'm not collecting any money for these business ideas. I'm just trying to help out. Get me at:

tolukandi@yahoo.com

Edumare bless us all. Amen

CBN Sanusi Interview

http://www.ft.com/cms/s/0/406e8650-ea69-11de-a9f5-00144feab49a.html?nclick_check=1