|
|
|
andrew3338 (m)
|
Zenith Bank will soon start crashing, Since the recent probe of zanith, Oceanic,First bank by The House of Rep Committee that was set up to look into allegations of sharp practices and fraud perpetrated by some banks as a result of their usual way of going to capital market to raise dubious money. No wonder , the commitee promised to look into how Zenith and others 3 banks made the consolidation list .
How on earth can the FOOLBANK-(first bank) return money that was over-suscribed back to the customer without a dine(interest) on the money.How do you imagine an investor that bought 6Billion naira First bank share 6months ago to have his money retrned after six months without any interest? That is the greatest Robbery to humanity! Intercontinetal bank shares certificate of about one yr ago has not been released because the bank so desires to trade with investors fund unjustly!
In the interest of peace, justice and fairness, Zenith and other fraudulent banks must be made to face the music and possibly handled by the Economis and Financial Crime Commission EFCC.
|
|
|
|
|
|
frankbonus (m)
|
Konye you are entitle to your opinion and decision, but do you take time to look at how many people are looking and searching for the position you find your self? how ever if you think you have done what Napoleon could not do why take the decision all by yourself and alone? do you not believe in the power of crud? why not meet with your other marketers and see if they are of the same opinion with you so that what ever action you guys take will be felt by the organisation. Because if you decide to do it alone ,who cares if you leave and probably live with your few customers. some stat ff of a particular bank eve though aged in the profession were ask to go on compulsory retirement, they did not argue it but what they did was to call all those given the retirement and ask them to get work elsewere, after getting most of them drag their customers away into their new organisation, when the previous bank felt it they have to call them back with a better package and remuneration that is even more than the one they were collecting . so you can see the reason why am saying what is your contribution to the organisation, can it be felt when you live or is it from fry pan to fire?
|
|
|
|
|
|
newtontoyo (m)
|
@ konye
try GTB,u would luv their marketing style.
i left zenith for anoda job 6months ago.im not regreting it.even if they bcome d highest paying bank in d world!!!!!!!!!
|
|
|
|
|
|
poopooboy
|
To be frank with you Frankbonus, the employer/employee relationship must always be symbiosis and as such, the employer is bound by law to communicate any change in the employee's contract of employment. You said something like about being fortunate or so for working for Zenith  And to Konye, please be calm, i dont think zenith will stoop so low to slashing your salary without any formal communication. If they do, then that will be very unfortunate. |
|
|
|
|
|
ferdiii (m)
|
Hello All,
Now the little breeze on Ibori's anus has halved my friend's paycheck. Few people do think why some many people run into the bank work. The capitalization and recapitalization exercises are encouraging looting and the staff of these banks enjoy fat salaries abi.
Let this man quit and come to the street to explain to the ordinary Nigerians why he has been riping where he didn't sow at our expense. Money from Marketing isn't actually where their mega-box salaries come from, we now know.
I still want to hear more from Oceanic , first Bank and other criminal banks staffers. Who wants armed robberies stopped?
|
|
|
|
|
|
bebe4u (f)
|
@ konye
please what is T24 im not in the banking sector, just curious.
hmmn could tht pass as signs of distress
|
|
|
|
|
|
|
|
Vuitton (m)
|
pele  |
|
|
|
|
|
blueband (m)
|
I pity Zenith Marketers.They are usually very beautiful .I remember a couple of years ago my friend visited Nigeria and lodged in Sheraton.One marketer kept calling him to open an account with Zenith.She agreed to meet me in his hotel room,and after a couple of drinks and food they started talking and before he knew it,the conversation had left Zenith to "what do you do?", "what do you enjoying doing".He eventually opened an account with them but then they really became "friends".She is married now and I wonder how many "friends" she has had in the course of doing her job as a marketer.While this is an exceptional case,most people I know are also very "friendly" with marketers who first lured them to open accounts with their banks.For this sole reason,I don't think salaries of marketers should be slashed.They are already doing a hard job getting people to open accounts with their banks.  Sorry I am not generalising here,I know some very decent marketers,but the Nigerian atmosphere makes it difficult to be a decent marketer.I guess that is why the Senate is thinking of clamping down on marketing,especially the female ones.There are banks in Nigeria who don't send ladies to find customers for them and tehy are doing very very well.Eg-First Bank,Citi Bank.Zenith and Co need to find other ways to attracting depositors and not sending beautiful girls to lure customers to their banks.It is only in Nigeria you see this kind of thing. |
|
|
|
|
|
Agbo2 (m)
|
Hey Newtontoyo!
Quite sometime, howz PH?
and the new Job too?
|
|
|
|
|
|
visitor29
|
i think this should be discussed in newsline or house of reps sitting.imagine cutting someones salary by half, na we know dat nothing is truelly permanent on earth.
but this isnt the 1st time such thing is happening,they have done it before by not paying productivity bonus and they have deprived junior staff of incfreament in salary both after making huge profits, this zenith people mean oooooooooh , if na me , i go thief money run
|
|
|
|
|
|
Finecat (m)
|
@Konye You think Zenith bank is the only one?? Just wait and see. Most of these banks are in serious trouble but the public will be the last to know. They post big quarterly profits and yet rush to the capital market to raise more funds and burrow money from the western banks. Just last week i was reading an article in the guardian newspaper that the Nigerian government is worried about another set of distressed banks. The article is below if you care to read it. I won't be surprise if most of these banks start paying their employees late or even lay-off employees to cut costs. Nigeria is just not honest enough for the type of banking system we are trying to perpetuate. I pity the people buying shares from these crooked banks. Monday, December 17, 2007
Govt worries over banks' style, practices
* Ask EFCC, others to step in
By Enitar Ugwu
BANKS in the country may soon be in for questioning, judging by the number of petitions on the desk of President Musa Yar'Adua on their ethics.
advertisement
Indeed, not only are their corporate governance credentials being called to question, posers are being raised on the personal conduct of some executives. Exclusive information gathered by The Guardian shows that these petitions were woven around banks' involvement in practices such as:
* laundering of money for governors;
* involvement in round tripping;
* buying of private jets by banks' bigwigs; and
* accessing of bank loans for share buying.
According to Presidency sources, the lifestyle of some bank executives has compelled shareholders to inundate the government with complaints and questions on what regulatory authorities are doing to verify whether some of the organisations are from the executives' private funds or shareholders' deposits. If shareholders' funds had been used, with whose approval?
Some of the banks are saying that the private jets in question are not their personal property.
One, for instance, informed The Guardian that the private jet is the property of his bank's asset management company.
However, what is not clear is whether their acquisitions had the approval of the banks' shareholders.
Even at that, the cost of the jets and mode of buying are yet unclear. Even so, the operational style of some of the banks has reportedly drawn the ire of the National Economic Intelligence (NEI) in addition to their handling of military pensions fund.
The President is said to have referred the cases to the Central Bank of Nigeria (CBN).
It was also gathered that the Economic and Financial Crimes Commission (EFCC) may be asked to look into some of these allegations such as banks' involvement in money laundering for governors.
The CBN and other financial regulatory authorities such as Security and Exchange Commission (SEC), and Nigerian Stock Exchange (SEC) may also have been asked to take a look at banks' share purchases with a view to unravelling how some of their directors came about the huge funds they used in buying those shares.
This scam has allegedly become rampant at this later stage of fund raising from the capital market by banks, owing to the CBN's resolve to slow down on the funds verification exercise for others.
It would be recalled that it usually took up to six months for this verification exercise, prompting investors to call for a shorter period to enable them to access their investment.
Sources said that the government worry is based on the need to avoid another round of bank distress.
These developments are coming on the heels of the Federal Government's resolve to join the recently launched United Nations/World Bank Stolen Assets Recovery Initiative.
This initiative is for the purpose of recovering substantial part of the nation's assets stashed away by present and past leaders with the assistance of banks.
The initiative was launched last September by the World Bank, in partnership with the United Nations Office of Drugs and Crime (UNODC) to help developing countries recover assets stolen by corrupt leaders and invest them in effective, people-oriented development programmes.
A source quoted the President as saying: "What I have done is to give the anti-corruption agencies like EFCC, ICPC, and the Code of Conduct Bureau the full support of government and total independence to act on any case of corruption." http://www.guardiannewsngr.com/news/article05/171207 |
|
|
|
|
|
dibosa187
|
I'd like to take on Konye on this issue.
First, I think as Nairalanders, we owe the reading public the duty to give correct and definite information to everyone who may not have the benefit of the information at our disposal.
Konye has said he works in Zenith, so I want to assume he is my colleague.
I'd like to clearly say that the piece of information Konye has issued to members is based on rumours and hearsay. Who says management has cut your salary by 50%?
What were you earning before and after 'the purported cut'
what was your annual income as at July 31, 2007 and today?
I think you owe everyone the duty to specify with correct and accurate figures and not by making sweeping statements and misleading the public.
I agree we may be under pressure, but I can assure you that its almost everywhere and not restricted to the banking sector.
I think what matters most is your attitude to work, which I hope is positive.
In all, I can assure you that Zee has one of the highest ethical standards in the banking industry and is poised to take the banking industry in nigeria to the next level.
So Konye, just stay positive.
Ciao,
|
|
|
|
|
|
Finecat (m)
|
@Dibosa187
So your salary wasn't cut?? And what is T24 ??
|
|
|
|
|
|
Demsy (m)
|
I think we need the intervention of more nairalanders who work in Zenith Bank to clarify this issue.
Konye and dbosa78 seem to have divergent opinion on this.
I also want to know what the T29 is all about too.
|
|
|
|
|
|
Double N (m)
|
Is Zenith a bank?That bank pisses me off.Very aggressive bank!
|
|
|
|
|
|
babakura (m)
|
How absurd  ?? na wa ooo, Dem wan kil ppl 4 this naija |
|
|
|
|
|
babakura (m)
|
How absurd ?? na wa ooo, Dem wan kil ppl 4 this naija , T24 is an IT project that failed , maybe Jim is not happy cos he's IT crazy , but why vengeance on staff, |
|
|
|
|
|
May kelly (f)
|
konye are you telling ud that Zenith is no longer capable but financial and otherwise. ZENITH of all People  |
|
|
|
|
|
May kelly (f)
|
konye are you telling us that Zenith Bank staff would bear the risk/loses from the main Oga  I go die ooooooo |
|
|
|
|
|
BlackMamba (m)
|
Salary cuts should be a tip of the iceberg, and not just Zenith, but all the banks. How do the banking sector afford to flourish and prosper in a failed economy I can understand the prosperity of the oil industry because they sell crude oil, but banks? |
|
|
|
|
|
senetee (m)
|
@Finecat
T24 is a banking application. Guess its recent implementation project did not go quite well.
However i doubt if that can cause the management to slash salaries at least not in a month like december and most especially when the bank is in the market for funds. Just wouldn't be strategic.
Anyway, their staff know better. More comments pls
|
|
|
|
|
|
Finecat (m)
|
@Senetee
I've always known that these banks are up to no good. They work these guys slaves and put up a show by paying them salaries they could not afford. Their quarterly earning and projected earnings are so impressive and yet they come overseas to burrow more money. This event happening at zenith is just the begining of ugly things to come. I think these banks have bitten more that they can chew. That's why i always tell guys to be careful buying their stocks.
|
|
|
|
|
|
debosky (m)
|
banks borrow money all the time, I don't see how that fits into this particular scenario Finecat, sourcing cheap funds from abroad or capital markets at 1-2% interest rates and arbitraging such funds to lenders at at 9-15% is a sound way of making money and is the oldest trick in the banking handbook. There is nothing suspicious or untoward in that approach. I am also certain that the foreign lenders do adequate due diligence before releasing their capital to these banks.
Granted that there might be shady deals/involvements in some of their transactions, but I would be really astonished if it was as rampant as you claim, and it still evaded the screening of Fitch, Financial Times (the Banker Magazine) and other international ratings bodies who give these banks a clean bill of health.
T24 is an IT platform being implemented. . .we have heard from another member of staff that such accusations are hearsay and have not been substantiated, lets wait and see if more concrete information will emerge.
On a final note, it is very necessary for regulators and other financial watchdogs to keep a close eye on these banks in order to ensure proper compliance with ethical provisions and other guidelines governing operation of financial institutions.
|
|
|
|
|
|
konye (m)
|
dibosa187 please get real.
|
|
|
|
|
|
olulu (m)
|
corruption has eaten in too deep into the mentality of nigerians. though i find it hard to believe zenith could do sumtin like dat in d face of fierce competition amongst banks, but then in naija, anytin can happen. since zenith is more or less a one man business.if ovia sneezes, everybodi catches cold.
but its so confusing y zenith is returning to the market so soon. it smells of sumtin not so good.
|
|
|
|
|
|
Cotton (m)
|
Konye, I feel you, but if they actually go ahead and deduct then they must be sure of their legal position. Is the proposed slash for an indefinite period of time? Also, resigning based on sentiment is not advisable unless you have a job in hand. There are thousands of young Nigerians who would be willing to do your job at less than half of what you're getting.  |
|
|
|
|
|
darqly (m)
|
Banks really do make the huge profits that they declare, it's just what they place as priority that differs. I know my organization places almost TOO much premium on it's shareholders, even to the detriment of staff. Others do it the other way round, so they can pay these salaries. But I fear that for the newer banks, they can't sustain the tempo. They forget that you have to increase, expand. These things cost money, and more importantly, time. The entity has to become self-sustaining else it's as good as dead.
Zenith does boast excellent returns and customer satisfaction, but let truth be told, they are not known for best banking practises. Sorry about the pay though.
|
|
|
|
|
|
EmekaNaija (m)
|
Why are we so lazy as Nigerians. Googling T24 would provide all the answers you need. T24 is the world's only true 24 by 7 banking system. It eliminates the need for traditional end of day processing, enabling users and customers full access to the system at all times. It is owned by TEMENOS - Founded in 1993 and listed on the main segment of the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a leading provider of integrated modular core banking systems. We serve more than 600 customers in over 120 countries, supported by 43 offices with approximately 2,000 staff made up of 48 nationalities. http://www.temenos.ch/About-Us/This has been the problem with most Nigerian banks. The quick rush and belief if foreign banking software systems, while disregarding some solid Nigerian softwares. It is not only in Zenith, also STB or UBA has their FINNACLE. Other banks have their imported software which is causing untold problems to them. I once posted on a thread in Nairaland that the banking bubble would burst sooner or later and it would be more catastrophic than the housing mortgage crises in the US. The billions declared as profits by these banks are only paper profits. The boom in banking stocks nothwithstanding. I have remained opposed to the consolidation is the banking sector which to my understanding was a tool to concentrate the banking industry in the hands of a select few. Posterity shall judge all of us, especially Soludo and Obasanjo. Anyway, i do not like to respond to hear say until i have the full facts of the matter. The complaint about 50% cut in salary might not be general across board in Zenith bank as the author might want us to believe. Any which way, you can leave Zenith bank or sue their ass in court if you think you have a good case for breach of contract. Good luck |
|
|
|
|
|
spaceworld
|
We all wait till friday to know who is really right
|
|
|
|
|
|
egoldman (m)
|
Why are we so lazy as Nigerians. Googling T24 would provide all the answers you need.
Must you insult us to prove your point ? or do you think you are the only one reading this thread that knows the meaning of T24 ?  |
|
|
|
|
|
![Nairaland [Nigerian Forum] Home](http://www.nairaland.com/Themes/default/images/english/home.gif)
Author
