Too bad

rhymesnoni:
Hopin 4 da best bt xpecting da wost, dats da condition of our Economy, Naira Devaluation, Mass saking. baba diz iznt da change we were cravin 4.

Ppl still think what many of us are warning about is Childs play. By the time mass sacking starts across all state governments in Nigeria ,then Nigerians eyes go clear

nikkiking:
Hold on to your destiny.

Never lose hope.

thank you my dear but the situation like is very pathetic I must tell you.

Siberia101:


Banks Sack regularly my man its not new to us all

Banks sack top managers regularly? Really? Tell me more.

they will still sack more because Machines are taking Over. it is high time we equip ourselves with up to date information and skills so that we will not be replaced by machines. so, join the machine circle. for more infomation, checkout www.facebook.com/crystalnaijatv

Yeah, I feel for them. If only they understood what CHANGE meant before they voted. More job losses ahead...

What do these guys rally do that they eaarn 1 million naira a month,if i dey collect that kin pay I will resign after 3 years and go to establish my own biz and employ people.

These big wage earners are the reason many Nigerian firms dont do well , eco did the right thing jare, sacking 50 big boys and gals is better than sacking 10,000 people who probably earn below 250.

ibkgab001:
Unemployed adult

i pity those who didn't invest...

it is tru ..very tru.dey sacked ysdy

kaeforum:
What do these guys rally do that they eaarn 1 million naira a month,if i dey collect that kin pay I will resign after 3 years and go to establish my own biz and employ people.

These big wage earners are the reason many Nigerian firms dont do well , eco did the right thing jare, sacking 50 big boys and gals is better than sacking 10,000 people who probably earn below 250.

some collect close 2 5M O

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

The info said they were sacked because they collected huge salaries.

kaeforum:
What do these guys rally do that they eaarn 1 million naira a month,if i dey collect that kin pay I will resign after 3 years and go to establish my own biz and employ people.

These big wage earners are the reason many Nigerian firms dont do well , eco did the right thing jare, sacking 50 big boys and gals is better than sacking 10,000 people who probably earn below 250.

1 million naira a month for the type of business and profit they generate for their respective companies ain't a lot.

Godswillnwaoma:
Reading news like this makes me loose interest in my studies here unizik, after graduation what next. May Jehovah help and guild us.
In lucky dube voice Jah save us, Jah protect us

"Them ah come ah inna I and I ghetto carrying a machine gun man... "

You must be a fan of the Reggae maestro. Me too.

Pidggin:
Yeah, I feel for them. If only they understood what CHANGE meant before they voted. More job losses ahead...

Change in the wrong direction.

SeverusSnape:



Change in the wrong direction.

Yes indeed.. negative chanji

Clarinett:


Please read the article again. Their salaries are 2Million monthly, 2m * 50 = 100M Monthly. This means 1.2 billion annually on monthly salary for just 50 people.

You never even reason other allowances.

which business no go stay afloat with that one?

Stop taking that weed, its not good for your health.

You've failed to take things in perspective. Following the analysis of the guy you quoted, If Ecobank indeed has about 3, 000 staff at this level, then their annual wage expense for staff at this level alone (assuming 2 million per staff per month), would be about 72 billion naira, vs the annual wage expense of 50 staff at 1.2 billion naira. In reality, their total annual wage expense for all staff should be closer to 150 billion naira or more imo.

What you want to tell us is that the bank is going to stay afloat by trimming 0.8% of its wage expense?

jabulani000001:
Heritage Bank MD, in a newspaper interview on Monday, said the Bank, upon the completion of the integration with its acquired Enterprise Bank, sacked some staff that were found to be unfit. Banks, like other organisations, constantly review their operations and resources to achieve set goals and objectives. UBA, 1ST Bank and Diamond Bank have cut jobs in the last 5 months. It has nothing to do with being or not being able to stay afloat. It is about positioning for greater performance. Even my office sacked some old staff recently and employed some other fresh staff.

Stick with what you know. UBA has not cut any jobs in the past 1 year. Stop misinforming the public!

Plan B has to be solid...

Some of them went home with up to 100m as severance package . some top managers were even begging to join. with that kind a money if u fail in life u bi witch.

Is it possible to have 50 top managers in a bank? Hmm we dey learn new things every day! L

All in the name of putting pressure on buhari so that he will devalue naira. Niger i hail.

Those calling for devaluation of naira are economically illiterate.

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

The reporters have no blame here.

The reports states that 50 staff of the bank whose salaries ranges between NGN1 million and 2 million monthly were sacked on Tuesday because the bank is trying to stay afloat financially.

If you have a contrary information that led to their sack, please make it known here.

Times are hard for banks and businesses at the moment. Expect more workers to be laid off in the banking industries and other private firms.

Just ways to evade pension and gratuity.....private sector.

yunisaumaru:
Ecobank has over 14,000 staff nationwide. Roughly 20 percent of that figure will be senior staff. That will be close to 3,000. May be 100-200 of the figure as directors and the remaining as AGMs, GMs, etc. So, in the writer’s opinion, sacking 50 of those is a sign that the bank is in distress? Using the writer’s figure of monthly salary of 2-1 million for each of the staff in the senior staff category, how can the sack of just 50 be the panacea to the survival of the bank? And where are the staff at director’s level in this rationalization exercise if the bank is starting at the top level, as the story claims? Some journalists just write what they like.

.
Eco bank does not have 100-200 directors...no bank in Nigeria has that number as directors. Directors are between 5 and 7. No company even has that number. Maybe you should try do a bit of research before you counter an argument.
Eco bank is top heavy so are other banks. If you follow the piramid structure, organisations are supposed to be lean at the top. What you have seen is the undue Pilling of the top managements positions which turns out to be a form of compensations to friends. The business and lower cadre staff are the ones who usually suffer for this. Profit is eroded for top mgt staff salary who doesn't contribute much to the buttom line and no promotion for lower staff due to cost constraints afterwards.
This is the case of most banks.

jabulani000001:
Heritage Bank MD, in a newspaper interview on Monday, said the Bank, upon the completion of the integration with its acquired Enterprise Bank, sacked some staff that were found to be unfit. Banks, like other organisations, constantly review their operations and resources to achieve set goals and objectives. UBA, 1ST Bank and Diamond Bank have cut jobs in the last 5 months. It has nothing to do with being or not being able to stay afloat. It is about positioning for greater performance. Even my office sacked some old staff recently and employed some other fresh staff.

And wot is d name of ur office?

According to their 2014 annual report Ecobank Nigeria had 74 senior staff at AGM, DGM and GM level, so sacking 50 is 70% of senior staff. That is a HUGE sign of distress.

Also there are probably plans for junior staff to be laid off soon.

yunisaumaru:
Ecobank has over 14,000 staff nationwide. Roughly 20 percent of that figure will be senior staff. That will be close to 3,000. May be 100-200 of the figure as directors and the remaining as AGMs, GMs, etc. So, in the writer’s opinion, sacking 50 of those is a sign that the bank is in distress? Using the writer’s figure of monthly salary of 2-1 million for each of the staff in the senior staff category, how can the sack of just 50 be the panacea to the survival of the bank? And where are the staff at director’s level in this rationalization exercise if the bank is starting at the top level, as the story claims? Some journalists just write what they like.

Sacking 70% of your senior staff is a sign the bank is in trouble and the cuts will filter down to lower level staff soon.

issac08:
This story about Ecobank sacking 50 staff because the bank cannot stay afloat is so hollow… So, with those 50 staff laid off, the bank will stay afloat, right? Some journalists in Nigeria just think everybody is a fool…

jaybee3:

1 million naira a month for the type of business and profit they generate for their respective companies ain't a lot.

What profit? Be real, these guys take credit for other peoples toil, they re arrogant greedy and selfish, if they re that productive, why dont they empower people around their neiborhoods.

Its the ignorance of the people the lead that empowers them.

kaeforum:


What profit? Be real, these guys take credit for other peoples toil, they re arrogant greedy and selfish, if they re that productive, why dont they empower people around their neiborhoods.

Its the ignorance of the people the lead that empowers them.

I'm telling you bro.. Employees in the 1M+ per month pay bracket usually add value to the company they work for.
You can't have an effective workforce without a working strategy or direction alongside it. They aren't necessarily the engine but they sure know how to enable the ship stay sailing

yunisaumaru:
Ecobank has over 14,000 staff nationwide. Roughly 20 percent of that figure will be senior staff. That will be close to 3,000. May be 100-200 of the figure as directors and the remaining as AGMs, GMs, etc. So, in the writer’s opinion, sacking 50 of those is a sign that the bank is in distress? Using the writer’s figure of monthly salary of 2-1 million for each of the staff in the senior staff category, how can the sack of just 50 be the panacea to the survival of the bank? And where are the staff at director’s level in this rationalization exercise if the bank is starting at the top level, as the story claims? Some journalists just write what they like.

Meaning you should expect more news of sacking

its so sad that many are afraid of loosing their jobs...