₦airaland Forum

Intercontinental Bank sacks another 1,500 workers
National News Dec 8, 2009 *As NLC kicks against retrenchment

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.

sources: Vanguard Newspaper

tkb417:
and in the posse of the dimwits, ull be a crown prince

your status?
u forgotten u told us u just finished your masters abroad ( na my last sibling dey do that nau )

hahahaha, u need Jesus to lay his hands on your head to be called for a test where i work

run along and go play with your fellow ponks
im busy

You can't even spell it right, you Freaking bank teller. I wonder what school you went to, if you went to school at all.

tkb417:
i did the A-Z for Hitv so its ma baby

its unfortunate some illiterates are still roamin this thread. When i defended Hitv, does it mean i work with Hitv, i defended banks, that womanliness thinks i work with Intercontinental

working with GS b4 the Universal banking transformation means working with wachovia for some dunderheads
i need insecticides for some roaches

ure a disgrace to those responsible for you

your skull is filled with sawdusts hence the baloney ure spewing; go look for your mate womanliness

You are a high functioning idiot. You write like a spoilt piece of butthole, i wonder if you even have a job. You are nothing close to my status.

FBS:
ha I see. No wonder you dey yarn beans on the "HITV bans public viewing" thread.

No mind the spineless she-goat. Now he want to deny working in the bank, some months back he was defending intercontinental bank tooth & nail. The guy is confused, he thinks intercontinental bank as been sold to a foreign coy therefore he's trying to form. The yeye guy he's pathological liar.

MTN sacks 65
By Our Reporter Published Today News Rating: Unrated

MTN yesterday sacked 65 of its workers.

The company said the development was to enhance customer service for effective delivery.

A statement made available to The Nation by the firm’s Customer Relations Executive, Akin Braithwaite, said MTN has invested over N4.5 billion on technology to support a "world class customer service."

He said the firm planned to invest about N25 billion on customer care next year.

Braithwaite said the measure would create 1, 500 jobs.

The Human Resources Executive, Mrs. Amina Oyagbola, said the firm had approved exit package for the affected workers.

I think the match has started, NTA is showing a match.

Afin2009:
Many of the esteemed members of Nairaland have displayed ignorance here and they seem to be acting a script. I bank with Intercontinental and will never use another bank. As far as Nigeria is concerned i still consider it as the best bank that is customer focused and they dont discriminate. I have attempted to bank with Zenith and GTBank and it is apparent they are not for the common people like me. When i heared about the issue of minimum balance i thought the bank was trying to go the way of Zenith and GTBank so i visited the bank. Their explanation makes a lot of sense to me. First, the branch manager of Gbagada where i bank said the review is to make them serve us better and to ensure that their staff close early enough to attend to their families. He also assured me that a distress bank will not be bold to embark on a review as every penny will count and that it is because of their strength that they are able to do this. It makes a lot of sense to me but unfortunately i think competition has taken advantage of this to drag the name of the bank in the mud. Unfortunately too, many of the Nairaland members have fallen for this. If raising the minimum balance to N10,000.00 will make me to spend less time in the bank i will rather close my account with First Bank and consolidate everything in Intercontinental. We should be careful the kinds of comments we make at this forum and refuse to be used by people. Whether we like it or not strong banks will soon decide who they bank with the influx of the Micro Finance banks. Thinking clearly, many of the people who are revolting and complaining about the increase should actually be banking with Microfinance banks or the Alajos (thrift collectors). Na by force to be happy? If you dont want to be a happy customer then go to microfinance.

OVIABOY:
Min balance for intercontinental should not be seen as a liquidity ado.

ZIB was once on 500,000 min balance when they had more than enough funds.

Two of my inlaws bank with Intercontinental and they run turnover of 600m and 320m each and they have been sending their cheques to clearing without any problems.

ZIB was out of clearing for more than 4 times last week, and the likes of UBA,BPHP,FINBANK,and IZIB have laid off staff in hundreds while Intercontinental bank has not done such.

I just want you guys to really be well informed before moving your accounts,

I have key guys in more than 15 banks in Nig, Intercontinental is FAR FROM GRAVE

Did anybody remember these clowns that were lieing for intercontinental bank? Now the whole country knows better that intercontinental is a failed bank.

dappssee:
I'm married but I can't say I'm happy but work with some strong bank and I love my job.

I'm very romantic and I want some intelligent girl to hang out with and be around at those times when , I'll tell you when I meet you.

My numba is 08070998015 and please dont go calling, texting or flashing at those times when kids should be in bed

The guy is even proud to say he works in a strong bank = (Translation) the guy is a slave for a strong master. Who brags about a bank job these days?? bank workers are like a time bomb.

Choose police, instead of fearing Sanusi you will be working for Sanusi and madam waziri.

Very funny, who would have thought bank workers would consider working for the police, he be like say katakata don burst for bank workers.

•Recall funds from rivals.

The race for financial year end harmonization of accounts by banks is breeding disquiet in the industry as banks, particularly, first generation ones, considered more liquid have commenced recalling of funds from less liquid ones at the interbank market. 

BusinessDay gathered that the situation is so bad that most banks are struggling for survival even as their vaults are fast depleting. Consequently, banks, mostly big and active participants at the interbank market, have not only resorted to holding unto funds preparatory to the year-end requirement, but are recalling the funds outside their vaults.

The situation has led to increase in the cost of funds as 7-day tenured funds climbed to seven percent as against 6.790 percent the previous day.
Lending, which is virtually non-existent now has gone to about 23 percent, as against 19 last week at least on paper, an indication of further financial squeeze, with its attendant negative impact on the economy.

In fact, our investigations have revealed that while some banks have gone back to the drawing board with the intention of increasing the number of staff earlier scheduled for sack, others are contemplating merging of branches as viable options to withstand the challenges of the times. Most staff that spoke with BusinessDay said yesterday that they are living on daily basis as anything can happen anytime. The development, analysts said yesterday, is capable of further eroding confidence in the industry.

It was gathered yesterday that resort to trimming of the workforce by banks is not as a result of the need to meet the year end requirement, but also, as a result of advice by some foreign consultants employed by these banks.

Besides, the collapsing of branches may not be unconnected with the fact that most of them have become loss centers, as their opening may have been informed less by business considerations but by the bid to create false impression of being among banks with larger number of branches, and hence among the leading players in the industry.

Mostly affected are the troubled banks, which currently depend on government securities for trading as the only survival option. The managing director of a first generation bank, whose management was sacked by Central Bank of Nigeria (CBN) during the first round of the audit report is having a running battle with the staff following a directive that staff should have undated letters of resignation as any of them could be called upon anytime to resign.

But some analysts said yesterday that CBN should rather guarantee interbank transactions to engender confidence and patronage. Those opposed to the take off of the policy in December, however, argued that, apart from regarding it as one reform too many, considering the uncertainty pervading in the industry, it could lead to aggressive and unhealthy marketing, capable of undermining the reforms by CBN.

Sanusi Lamido Sanusi, CBN governor, in response to BusinessDay inquiry two weeks ago said that the December deadline is sacrosanct, saying “there is no truth to the rumour [of extension], no going back on year end”.

Anthony Owuye, an analyst, was of the opinion that CBN should in the interim guarantee interbank placement so as to engender confidence in the industry, adding that banks would sort out themselves out when the policy takes full effect from next year.

Wale Abe, chief executive of Financial Market Dealers Association of Nigeria (FMDA), said banks are shedding weight to make their management more efficient, adding that it is one of the available options of ensuring they deliver on their promises. He said the slim-fitting will help arrange a smooth process of operation while at the same time engender a balanced payment and favourable trade position

According to a financial advisory expert who pleaded anonymity, “most of these banks’ actions regarding staff shedding and branches collapse may not be related to year end pressure only because some of them claim they have introduced new technologies. It could be the outcome of some foreign consultants’ advice rendered to some of these banks. “Some of them I know very well, have engaged foreign consulting firms, who are advising them on the way out of the current crisis.

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=6202:bank-common-year-end-branch-closures-loom&catid=1:latest-news&Itemid=18

Adaramola,

I am happy for you, i wish your fiancee luck in his new job.Congratulations.

rhymz:
Mr Sanusi's utterance shows that he is realy frustrated with the way he has deepened and worsened the problem.
Sanusi is a religious extremist,he is just trying to be civil with the way he goes about the CBN job,if it was up to him,he will do exactly what he said,reminds me of Ahmedinejad of iran.
He can continue to decieve unsuspecting Nigerians that have not yet understood his antics, they deserve it anyway.Now he is getting bolder with his plans to nationalize those banks by displacing shareholders even though he had earlier on denied it.I have never seen a very unreliable CBN gov like Sanusi,he can't be trusted to do what he says,he acts on impulse and stupid idiosyncrasies,no wonder he wants to spill his guts.Until it's proved in the court of law which is the arbiter of the law,those CEOs are innocent,abeg he's just trying too hard to make nigerians hate those CEOs and believe his flawed approach.Sanusi is way over his head with this CBN job and is playing too much to the gallery.

I've noticed that most of the Nigerians opposed to Sanusi are bank workers or their dependents who are affected financially by sanusi's action. I only have one advise for them, GET USED TO IT!. The days of bogus salaries are long gone, all the banks are going to civil service pay structure soon. If anybody read the Sunday's vanguard, you will know that Sanusi is God-sent to the banking industry. Nigerian banking is filled with airheads.

Cecilia Ibru, Erastus Akingbola, Charles Soludo etc. May you bastards rut in a prison cell!!! Can you imagine? Ibru has 4 planes! Even Bill Gates, Warren Buffet, Ross Perotetc dont have 4 planes. And how could Soludo claim not to know all these things if he was deligent in his duties as a former CBN Governor. And innocent kids are dieing everyday in our hospitals accross the country over something as cheap as N500. Ibru and others may your decendants rut in the worst of prison cell.

You wan go world cup? Yeye people, your people dey starve and you wan go world cup.

MrCrackles:
Are you bleeped in the head

Your mama is bleeped in the ear!

Goaaaallllllll Mozambique!!!!!!

ojehsam:
ibejiibeji,
pls since u work with finbank, help us with the entry level and second level package of your bank.
Thanks

N50,000 per month.

This fat bleaching Gorrila-looking coon never cease to amaze me. I'm sure he's very proud of himself. Can you imagine a Computer or Chemical engineering graduate shouting Molete-challenge-Mokola ?? In fact now i'm very inclined to believe that our leaders are no better than a glorified monkies. Humans with the brains of a monkey!

tkb417:
Finecat, this is why we are always at loggerheads

ure an unrepentant alarmist and the way u peddle falsehood is shameful

for real, did any of your friends tell you they were not paid for the month of August?

You bank workers never cease to amaze me. Your case is a typical case of suffering and smiling all in the name of portraying the false "big boy" image to the public. The public is laughing at all you doofus. Working in a bank is the most unfortunate job in Nigeria today. And i still by my words, Oceanic bank did not pay for one month. I had to burrow one of their employees some money because he was broke. Even before August, their salary was affected due to the Okocha football thing being taken out of their salary.

hni:
well am so sorry on behalf of my friends and colleagues at iyana-ipaja branch,but all i would say is that you could probably try out my own branch at egbeda and taste a bit of superior customer scentrism before you conclude and probably look for another bank to consumate transactions with okay? once again am so sorry, lol 07037721707 or 08054732185

What is that gotta do with the price of Amala in China?

REAL TRUTH:
Please I need to know ooo,,,,,,,,,,,which one is "In your best Interest" ?? na which bank be that oooo??

He works at Zenith Bank. their logo is "in your best interest".

manuelstud:
@Finecat i wonder where you get your crap info from, i work in Oceanic, and i have been paid my salary till date, pls get your facts right, that aint saying the sector hasnt become stressed, but in God we trust

Tell the truth, the bank missed a month of payment. You guys just got paid within the last 2 weeks. I'm  not surprised, you are a banker you will sugar coat your job even when the roof is falling. Yeye job.

ezeagu:
Waka! Waka! Waka! Waka! Waka! Waka! Waka! Waka! Waka!

[img]http://gr5mom2.files./2009/04/sweaty-palms.jpg[/img]

Iya ati Baba, eyin omo ale.

sley4life:
You are an idiot. Making your insult in a tribalistic manner. Why would u direct the -ve to them.

Ko ni ragba fun e. Olosi.

I'm shocked the guy is an Igbo guy, they are not that enterprizing. Most Igbo guys in the western world are in to fraud. There was an Igbo guy arrested the other day in Chicago with 1000 Nike shoes, over 100 credit cards etc. If anybody watch a show called "How to catch a con man" by Chris jenkins all those fraudsters are Igbos. Nkechukwu, Nwosu, Nwoga, Kenechukwu etc.

Ziggyjoel:
I work in one of these banks, as an ET, with established agreements, but I have fulfilled my own side of the bargain, but my employer seems not to feel my pains, after more than 6 months the contract has elapsed. All the sermon is just 'status quo'. Please I wish to join another bank, and I wish this is easy, with the help of dear fellow nairalanders.
How well does it sound that after two years in the sector, your salary cannot pay your rent? Bankers will understand better. Please, help me o!
Please help o. I am an operator, had 2.1, BSC.

Another bank? What bank do you work for now? what makes you think another bank will make things better? you may be going from frying pan to fire. Most banks are planning to downsize and are looking for the best way to do it. Some bank didnt even pay for the month of August. You better manage that bank pending the time you leave the useless sector.

cramsvill:
Hi all, for those working in banks that had their MD sacked and replaced recently, i hope its not affecting the staffs. Is there any change in work enviroment, staff salary and so on?

I know guys that works in Intercontinental and Oceanic. Intercontinental and oceanic did not pay their staff for the month of August and the pay was cut after it was received. The new MD of intercontinental said he was shocked to see how much the bank earmark on expenses every month, he said the bank can not obviously support the expenses. There are rumors that the bank plans on closing several branches.

bolatefah:
[pre][left]Before i got married i have be in relationship with two different man with different character but one after the other i discontinue the relationship with reasons genuine to me and some other people around me. But now that i went into another relationship which someone introduce me to i later notice that is the worst of all have been doing.

i am married with a bouncing baby boy after four month of our wedding my husband refused to care for me, my baby even paying for the accommodation where we reside. I still manage to get some change and assist in paying, he will collect money from me and use for another thing which is not clear to me.

He is the one arranging for the wedding date but later when our wedding is about two days have not seen any arrangement from him buying of cloth and some other thing has not yet been done which i later do including the Wedding Ring I BOUGHT every thing since then i have been paying debt owing by him to people call his customer.

please i need an advice from you
God bless you all.

You know i don't want to be mean but your case is similar to the cases of many men. Your waywardness has cost you happiness! Deal with it! I bet you married the one you thought was richer but now you found out it was a mistake. The only advise i have for you is to deal with the LOSER you call a husband and i hope the other guy you dumped is happily married.

Happy Birthday Agbaya, Oniranu onisekukuse. All your junior brother - Ghana, South Africa, Benin Rep etc. Are getting their act together but you you are still playing with mammy water toy. Oniranu!!!

OvieE:
you really made me laugh.

You are laughing? believe it or not what that guy said will come to pass in Nigeria. It will come to a point when Nigeria populace cannot take it anymore and i'm afraid the time is coming very soon. Nigerians are still enduring now because other nations are still buying our oil and there is some money for people to spend eventhough the money is getting little by day, oil is less than N70 per barrel and by the time the other nations figure out a way to do away with our oil by using other means of energy like ethanol or alternative energy Nigeria will never be the same again. And that is when average Nigerians will take the laws into their own hands and go after those responsible for squnadering the wealth of the nation.

believe it or not NIGERIA IS A FAILED STATE, it is in the same category as Chad, Congo and Niger republic. How can an hospital reject a dieing man, in the developed country it is illegal for an hospital to deny treatment even if it is for a toothache but Nigerian hospitals refuse treatments for a man shot a dozen times!! And an average Nigerian argue about every simple thing, so stubborn.

believe it or not NIGERIA IS A FAILED STATE, it is in the same category as Chad and Niger republic. look at this olodo guy walking out of jail with a smile on his face after all the bad things he's done.