First City Monument Bank (FCMB) did not sack 500 but 150 staff, a top official of the bank said on Monday.

The official, who preferred anonymity, told the News Agency of Nigeria (NAN) in Lagos that those relieved of their duties represented five per cent of the bank’s 3,000 workforce.

He said that the bank had also employed some new staff to replace some of those sacked.

NAN reports that the workers were sacked on Jan. 19.

According to the official, the affected workers were found to have under-performed during the bank’s review of activities of its staff.

He said that the development was not peculiar to FCMB, adding that some other banks had done same recently.

The official also attributed the sack to the economic downturn of the country due to weak prices of global commodities.

He said that it was natural that those found wanting would be eased out due to poor returns. (NAN)

http://leadership.ng/news/497210/fcmb-sacked-150-staff-not-500-official

(According to the official, the affected workers were found to have under-performed during the bank’s review of activities of its staff)
As quoted above, provide they will be compensated, the Nigerian labour law between master and servant relationship, really don't favour the servant(worker) A master can terminate the contract of employment with his servant at any time and for any reason or no reason at all, provided the term of contract of service between them are complied with, you see, more often than not, what you will realise later is that the motive behind the sack is to cut cost, sooner than later, the same company will outsourced staff to render their services and pay the contract staff peanut.
Now the BIG question begging for an answer is, where is our NLC? how can some employers be regulated so as not to take advantage of our weak laws....