Within one week, three banks – Ecobank, Diamond and Skye Bank sacked over 1,250 staff citing economic downturn as reason for the cut. The recent sack has increased the number so far chopped off from the salary block in the industry since one year ago to about 10, 000.

Before Ecobank and Diamond bank which recently sacked 200, FCMB had laid off 700 workers earlier in the year while Fidelity Bank sacked 100 late last year. FBN Holdings, the parent company of First Bank of Nigeria Limited, recently said it would prune the number of its employees by 1,000. While Ecobank has allegedly closed down its 100 branches in Nigeria, some other banks are said to be planning to cut down the size of their workforce. FCMB has also started a shut down of some of its branches.