By Omoh Gabriel & Funmi Komolafe

LAGOS—The Management of the Intercontinental Bank Monday served sack letters to no fewer than 1,500 of its workers. However, the Nigeria Labour Congress, NLC, protested the retrenchment, but did not disclose what its next line of action would be.

NLC’s General Secretary, Mr. John Odah, said in a statement, “our stand is that workers are not responsible for the crisis. The Central Bank of Nigeria and the affected banks know those who abused the trust of depositors to enrich themselves,” Odah said.”

“We will not agree to be made scape goats. As long as those people are not made to cough out the money they took, we’ll not accept a situation where workers will be sacked.”

The sack of the workers is a continuation of the house-cleaning the bank started last Thursday. While Thursday’s exercise was mainly targeted at the top management, this time senior managers, managers, deputy and assistant managers up to management training in the bank were affected.

Vanguard gathered that last Friday, the bank’s management, at a meeting with all the regional and branch managers in its head office complied the list of those to be sack or to be retain in the bank. Managers were said to have left the bank with the instruction to submit the list of those they do not want to work with and the entire list was compiled weekend.

It would be recalled that the management of Intercontinental Bank last Thursday sacked about 50 senior management staff of the bank. But in an official statement the bank said only 26 senior management of the bank voluntarily resigned their appointments.

Insiders told Vanguard that those affected were the executive management from the rank of Assistant General Managers and above. Vanguard learnt that in the exercise all the General Managers, Deputy General Managers except two, and 17 Assistant General Managers were affected by the forced resignation.

The banks statement said “As part of the on-going restructuring exercise in Intercontinental Bank Plc, the Management of the Bank yesterday accepted the voluntary exit of 26 Senior Management officers of the Bank.
“The collective exit which is viewed as a sacrifice, is the contribution of these Senior Management officers to the recently-launched ‘Project Transformation’ which is being implemented in three phases.

“This is expected to pave the way for the new Management to reposition the Bank on a new foundation. The Bank is committed to pursuing bold and necessary changes that will fully restore value and confidence to all our stakeholders.

“It would be recalled that the Bank recently launched “Project Transformation” which is a three- pronged strategic plan to stabilise, re-build and consolidate the bank for greater efficiency and profitability.”
Vanguard investigation, however, revealed that the affected staff were forced to resign as they were told that there services were no longer required.

Those being forced out of the bank, according to a senior officials, were those regarded as being the moles in the bank that appear to be loyal to the erstwhile Managing Director, Erastus Akingbola.

Yesterday the caretaker Managing Director, Mr. Lai Alabi told newsmen in Lagos while reacting to the waivers the bank granted to debtors that “we are contesting with serious issue of moles in the bank, what this people intend to achieve was to malign the bank, frustrate the progress we have made for the purpose of serving certain interests.

“This management has remained focussed in operating in an open manner with a high degree of integrity and transparency. We are succeeding in introducing a culture of good corporate governance which was entirely lacking in the past.

“A few disgruntled elements who are not happy with this new direction are working hard underground to frustrate it. We shall not allow them.”

It was gathered that the sack of the senior management staff was part of the effort of the new management of the bank to flush out senior officers who are believed to be loyal to the former management or had compromised their position during the era. Intercontinental Bank is one of the five banks whose chief executives was sacked by the CBN in the first phase of the banks’ audit exercise.

The banks’ Chief executive was sacked alongside the executive directors for poor corporate governance which led to huge non-performing loans that eroded the shareholders’ funds of the banks.


These are just among the Genesis of sanueconomics. By the time we get to Malachi, the Nigeria economy would be singing lulabies at the mortuary. . . . . These are what you get when you appoint an Islamic scholar_banker at the CBN.

What has Sanusi's name got to do with the wave of redundancies and job losses sweeping through Intercontinental Bank

What has Sanusi's name got to do with the wave of redundancies and job losses sweeping through Intercontinental Bank

you need to read between the line!

back2back:

you need to read between the line!

Read between what lines?
So it is Sanusi's fault that Intercontinental Bank did not put its crib in order

MrCrackles:

What has Sanusi's name got to do with the wave of redundancies and job losses sweeping through Intercontinental Bank

back2back:

you need to read between the line!

MrCrackles:

Read between what lines?
So it is Sanusi's fault that Intercontinental Bank did not put its crib in order

@MrCrackle

you are mumu and big fool. i doubt wether you has a job, if not you will understand what it takes for 1500 pple to lose their job.

MrCrackles:

What has Sanusi's name got to do with the wave of redundancies and job losses sweeping through Intercontinental Bank

It was reported in the dailies last week that CBN (Sanusi) wrote the new MD of intercontinental bank , ALABI, to reduce salary and sack some staff.

Do you understand now.

Nigerians should have feeling for these high number of people that will come and join the bad wagon of JOB SEEKERS for job that is not available.

I WEEP FOR NIGERIA

realmen:

@MrCrackle
you are mumu and big fool.  i doubt wether you has a job, if not you will understand what

Seriously do you have to call me a big fool or mumu?
Anyway i am not surprised your command of english languages sums it all up. . .
A severely daft and an unfortunate human being is what you are. . .
Flipping nuisance!!!

realmen:

It was reported in the dailies last week that CBN (Sanusi) wrote the new MD of intercontinental bank , ALABI, to reduce salary and sack some staff.
Do you understand now.

Bigger companies around the world have restructuring exercises and redundancies, so what is the big deal?
This is not mocking the affected employees. . .But you have to look at the bigger picture
More than half of most bank's employees are non productive anyway, i just hope the majority of the ones affected are inclusive. . .
Cutting costs, overheads and budgets coupled with streamlining workforce is one of the most effective ways of ensuring a struggling company's survival. . . .
If there is a case to trim the workforce in a company then why not? It is unfortunate but what has to be done has to be done. . .
I pray the affected peeps get something else

realmen:

I WEEP FOR NIGERIA

Continue weeping, you silly leper!

MrCrackles:

Read between what lines?
So it is Sanusi's fault that Intercontinental Bank did not put its crib in order

Ignorance on your part would be an understatement.

PapaBrowne:

Ignorance on your part would be an understatement.

Psssf. . . .

back2back:

you need to read between the line!

I guess its sanusi's fault that banks overextended by building branches on every block.

bawomolo:

I guess its sanusi's fault that banks overextended by building branches on every block.

Dude some responses here are not worth the reply. . . . .trust me
I dont understand how streamlining a company's workforce is Sanusi's fault when it is an imperative exercise crucial to the survival of the Coy
If the workforce is oversized, prune it, unfortunately people will pay the price but that is the way it is. . .

MrCrackles:

Dude some responses here are not worth the reply. . . . .trust me
I dont understand how streamlining a company's workforce is Sanusi's fault when it is an imperative exercise crucial to the survival of the Coy
If the workforce is large, prune it, unfortunately people will pay the price but that is the way it is. . .

Once again, you express your stark ignorance.

PapaBrowne:

Once again, you express your stark ignorance.

Your one liners are becoming boring dude. . .
Go back to bed if you dont have anything useful to say

nigerians are so ignorant. . .its shameful

never heard of downsizing. . .

NLC protesting this kinda thing is a waste of time, the bank cant afford the employees, so what do they expect?
They shd go and fight the dumb govt that has been making some decision thru their black a$$

MrCrackles:

Your one liners are becoming boring dude. . .
Go back to bed if you dont have anything useful to say

Yes Sir, I will do just that. It wouldn't change the fact of your ignorance on this specific issue though.

oyb:

nigerians are so ignorant. . .its shameful

never heard of downsizing. . .

i think the dumb NLC leader is just looking for opportunity to be the next governor of another state. . . . .useless dumbs

This argument put up by Browne is lame.
A company looks @itz books nd sees it cannot remain profitable wit itz huge salary/wage bills and other overheads and the company decides 2take the option of downsizing 2remain profitable.
Where the hell does Sanusi come into all this??

puskin:

This argument put up by Browne is lame.
A company looks @itz books nd sees it cannot remain profitable wit itz huge salary/wage bills and other overheads and the company decides 2take the option of downsizing 2remain profitable.
Where the hell does Sanusi come into all this??

That is Nigerian mentality, always wanna look for someone to blame to their nonsense.

I will explain Sanusi's involvement soonest.
Just a reminder: While Soludo was Governor, the banking industry created over 70,000 new jobs.

Cos there are layoff doesnt mean that it has to do with Sanusi at all.
There is global melt down in the world and Nigerian banks are not immune to it

^ Well said.

Fhemmmy:

Cos there are layoff doesnt mean that it has to do with Sanusi at all.
There is global melt down in the world and Nigerian banks are not immune to it

Good point!! So if there is a global meltdown in the world of which Nigerian Banks aren't immune, how come Sanusi's solution was to selectively sack some MDs and create so much panic that has resulted in a tartared economy.
How do you justify holding them responsible when they didn't cause the Global meltdown??

PapaBrowne:

I will explain Sanusi's involvement soonest.
Just a reminder: While Soludo was Governor, the banking industry created over 70,000 new jobs.

Yes it created job. But did you ask Soludo if this banks growth were based on sound fundamentals. The truth of the matter is the rate at which banks were opening branches did not correlate with the rate of growth of Nigeria's middle class. That is how the era of sending girls to go out and look for funds started.

In case you have forgotten an economic down turn that affected the WHOLE world happened.

Our Nigerian banks invested all their money in Nigeria stock Market and oil. Nigerian stock market crashed earlier this year before Sanusi came in and oil dropped from $140 to N35  late last year and this year. It is commonsense to realize that if you invest in such ventures you will lose money. The banks did and they lied about it by faking books and still declaring false profit. Sanusi came in a opened their books and realize these banks were a ticking time bomb.The CBN told them to declare their lose and get their act together. Which include cutting cost, closing unprofitable branches which will obviously lead to job loss.  

Banks have been firing[b] before [/b] Sanusi came in. The difference is they did it on the down low without much media attention or newspaper will only say a certain bank has fired but will not mention names

PapaBrowne:

Good point!! So if there is a global meltdown in the world of which Nigerian Banks aren't immune, how come Sanusi's solution was to selectively sack some MDs and create so much panic that has resulted in a tartared economy.
How do you justify holding them responsible when they didn't cause the Global meltdown??

The CBN is not holding them responsible for the economic downturn, the CBN fired the CEO's because they cannot put money in those banks and have the same people running the banks. The CBN and EFCC also found that these CEO's committed FRAUD.

Simply put, the banks were operating with non-existent funds, granting loans beyond the limit for a CEO, favouritism, insider trading and malpractices, declaring false profits etc. . .the list goes on.

naijatoday:

The CBN is not holding them responsible for the economic downturn, the CBN fired the CEO's because they cannot put money in those banks and have the same people running the banks. The CBN and EFCC also found that these CEO's committed FRAUD.

If they committed fraud, How come the EFCC haS refused to prosecute them. How come none of the CEO'S are behind bars??
Sanusi has said it time without number that these bank chiefs were sacked for giving out loans to both oil & gas and stockbroking firms both of which were hit hard by the global economic downturn.
So why hold them responsible when they didn't cause the downturn?

It was Sanusi's administrative inepitude and incompetence that hurled the fast-recovering economy back to recession by his sheer recklessness and grandstanding in handling the alleged crisis in these banks, which intercontinental bank was a part. He blew the situation out of proportion, to enable him effect a take-over and final handover to his friend-investor. I pity the hapless bankers who are being relieved of their lucrative jobs, not only in interconti., but many other banks.

MrCrackles:

What has Sanusi's name got to do with the wave of redundancies and job losses sweeping through Intercontinental Bank

I no go fit shout.
When I say you're retarded now, you go vex.
However, let me run it through you one more time.

Once upon a time, the federal goverment appointed a proud Kano prince called Sanusi to be the governor of CBN. Sanusi was formerly the MD of First Bank, but his educational qualifications, practical experience, and general understanding of banking as a whole remains an issue of controversy in 'some quarters'

Then, one day, Sanusi woke up and said he has just fired 5 bank CEOs, including that of Intercontinental. He alleged serious and various professional, civil, and personal misconduct against these CEOs, but the CEO of Intercontinental was not in the country as Sanusi was rounding up fellow bankers, senior colleagues, and likely personal enemies as criminals to be locked up by the EFCC. He later congratulated himself for saving the nation's banking industry from imminent collapse.

Sanusi didn't bother to consult the board of directors or the shareholders of these banks before sacking their MDs, and appointed his own staff to run these banks. Mr. Alabi, who is now the MD of Intercontinental was appointed by Sanusi, and not the board of directors.
Mr. Alabi has also said that many employees of the bank remain loyal to the former MD-Akingbola. It was said that the lay-off excersie was to weed the bank of people still loyal to Akingbola. Don't forget that Sanusi's Alabi's main goal is to package and sell the bank to another buyer.
Do you still have any more questions about how Sanusi is involved in this massive lay-off?

The end! For now---

PapaBrowne:

If they committed fraud, How come the EFCC haS refused to prosecute them. How come none of the CEO'S are behind bars??
Sanusi has said it time without number that these bank chiefs were sacked for giving out loans to both oil & gas and stockbroking firms both of which were hit hard by the global economic downturn.
So why hold them responsible when they didn't cause the downturn?

So what will you call the arrest of the CEO's, charges filed against them, appearing in court and granting them bail?

Yes they gave loans without following due process and put their banks in a situation were shareholders fund was eroded this is part of the fraud they were accused of. Due process created by the banks themselves (risk assessment).

Johnpaul88:

It was Sanusi's administrative inepitude and incompetence that hurled the fast-recovering economy back to recession by his sheer recklessness and grandstanding in handling the alleged crisis in these banks, which intercontinental bank was a part. He blew the situation out of proportion, to enable him effect a take-over and final handover to his friend-investor. I pity the hapless bankers who are being relieved of their lucrative jobs, not only in interconti., but many other banks.

So you are saying their was a problem with the banks before Sanusi stepped in. How were this problems been solved before Sanusi stepped in? By lying about profits and cooking up you books?

naijatoday:

So you are saying their was a problem with the banks before Sanusi stepped in. How were this problems been solved before Sanusi stepped in? By lying about profits and cooking up you books?

If you believe this hogwash, then I can sell the golden gate to you.
The fallacy Sanusi has used to justify his criminal actions are thus: Hie, I really have to burn down your house right now, because I know that in 6 months it would have collapsed
Meanwhile, he is the only one to determine, agree, and conclude that indeed, the house was about to collapse, all other possible dissenting opinions are either labelled criminals, thrown in jail, or fired from their job.
Nigeria open una eyes-o

Johnpaul88:

[b]It was Sanusi's administrative inepitude and incompetence that hurled the fast-recovering economy back to recession by [/b]his sheer recklessness and grandstanding in handling the alleged crisis in these banks, which intercontinental bank was a part. He blew the situation out of proportion, to enable him effect a take-over and final handover to his friend-investor. I pity the hapless bankers who are being relieved of their lucrative jobs, not only in interconti., but many other banks.

Hahaha. . . This is grande!
Sanusi hurled a fast recovering economy back to recession?
Whoever thought Nigeria was immune to the recession pre-Sanusi must be severely daft!!!!