Saturday, December 19, 2009

Intercontinental Bank Sacks 1,500 Workers
By Muyiwa Adeyemi

BARELY a week to the Christmas, Intercontinental Bank Plc yesterday gave unusual gifts to 1,500 members of its staff: "Letter of disengagement from the bank.

The sack letters were served to the affected staff around 3 p.m. yesterday, changing the atmosphere in the financial institution's banking hall throughout the country to that of shock and disbelief. Those affected were from the position of manager to executive banker level.

The bank is said to have about 5,000 work force nationwide.

The Guardian's investigation revealed that in its over 300 branches nationwide, five workers from each branch had their appointment terminated.

They were to be paid three months basic salary irrespective of number of years they have served the bank.

The sack, which came just two days after their salaries were paid has been hanging in the air for about three months when the new management of the bank had alleged leakage of sensitive information about a transaction by the new Managing Director of the bank Mr. Lai Mahmud Alabi alleged to have granted a waiver of N31billion to some influential Nigerians, the amount higher than the capital base of the bank by its 2005 consolidation.

The bank had also about two weeks ago laid off senior officers from the positions of General Manager (GM), Assistant General Manager (AGM) and Deputy General Manager (DGM) up to senior managers.

Investigation further revealed that the new management decided not to paste names of affected staff on the bank board to conceal the total number of people that were laid off but rather decided to dispatch names to each branch as it affected them.

Also, their salaries had about three months ago been cut down by 30 per cent.

A competent source last night told The Guardian that the new management has requested from each branch manager to submit the name of at least five members of staff in their respective departments for the sack. Three managers were said to have declined to sacrifice any of their junior ones but two of them did not survive the onslaught.

It was also learnt that some managers who complied were not spared in the exercise.

One of the aggrieved staff who spoke to The Guardian on condition of anonymity confirmed that he received his letter at about 3 p.m.

He said that they were just disengaged from the bank even as they did not give them any particular reason. Another affected worker who was contacted on phone last night was still in a state of shock as he betrayed his emotions while confirming to The Guardian that he was affected by the exercise. The employee who worked at the headquarters of the bank alleged that the exercise was targeted at some staff suspected to have any link with the former MD of the bank Erastus Akingbola.

The sacking of 1,500 employees of the Intercontinental Bank came just two days ago when the United Bank for Africa (UBA) also sacked about 2,000 of its workforce.

Before now, there has been speculation that the Central Bank of Nigeria (CBN) has directed banks in the country to reduce their work force or cut down on staff salaries.


http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=191209&ptitle=Intercontinental Bank Sacks 1,500 Workers

Wahala dey oh oh oh

Wahala dey oh oh oh

So no be rumor again

I dey see danger!

The impact of the 'Doom and Gloom' reform begins

we go manage risk until we go destroy the whole economy, sack all workers in the name of risk management.

OYB_MEND:

The impact of the 'Doom and Gloom' reform begins

we go manage risk until we go destroy the whole economy, sack all workers in the name of risk management.

Though unfortuante but its far far better than all the banks in Nigeria to collapse,,almost all the banks in Nigeria is sick at the moment long before now,,,Soludo remains the major culprit to these developments because he failed to do his job as the Governor of CBN,,,he was nothing more than a common criminal,
Job loss is far better than total closure of the banks,,,,in the US,,,for 2009 alone,,,over 140 banks have closed shop,,,,if that happens in Naija would U people have preferred that
Sanusi is doing a very good job as the CBN Governor,,,its a painful pill but in life,,,if U must have to move on ,,,U must take painful and decisive actions,,,,

REAL TRUTH:

Though unfortuante but its far far better than all the banks in Nigeria to collapse,,almost all the banks in Nigeria is sick at the moment long before now,,,Soludo remains the major culprit to these developments because he failed to do his job as the Governor of CBN,,,he was nothing more than a common criminal,
Job loss is far better than total closure of the banks,,,,in the US,,,for 2009 alone,,,over 140 banks have closed shop,,,,if that happens in Naija would U people have preferred that
Sanusi is doing a very good job as the CBN Governor,,,its a painful pill but in life,,,if U must have to move on ,,,U must take painful and decisive actions,,,,

This is what you call a rigged standard of measure. With this kind of standard of measure Sanusi can as well go to sleep and wake up in 4years and still be a success. Your assumptions is that the banks would have collapsed? How did you know that?

When Northern Rock got in trouble in UK. The UK Government announced to the whole country that all depositors guarantee were safe and yet it did not stem the tide. It took careful and consistent actions by the Government to  save Northern Rock. So if you think Sanusi saved our banks with his noise making then you are the biggest fool around.

The economy is crashing, Sanusi is talking down the banks, they are all scared of now doing business and are as such having to sack staff and you are congratulating Sanyusi the messiah. It is very easy to be a messiah in Nigeria.

no reactions to my post?

OYB_MEND:

no reactions to my post?

Because silence they say is the best answer for ,,,,,,,, fill in the gap,,,,and read through ur early post.

silence is a sign of cluelessness and running out of ideas