₦airaland Forum

Jarus:
I opened NL to break this news. It is true o!!!

Sanusi fired a major salvo.

Akingbola gone, Cecilia fired, Nwosu sacked, Adigwe and Ebong shown the exit door. Jim Ovia fired warning.

This is confirmed. No link yet. But I'm very sure. Top finance executives here have confirmed it.

This is serious. Sanusi is stepping on toes.

Cecilia, the amazon of Nigerian banking!!! Akingbola, CIBN president and NSE Vice President!!!

The battle line is drawn. Let's keep our fingers crossed.

My guy nothing is gonna happen. This is exactly why Yar'adua brought Sanusi in. Whta the heck can Akingbola or Cecilia do to him. These guys are a failure. And i don't trust Sanusi himself. I will begin to build a trust in him when he forces Nigerian banks to start respecting their customers and be transparent. I was informed that Sanusi was very baffled when he saw the audit that he ordered. Jim Ovia will probably be next. Let's wait and see but i think Sanusi will soon merge these banks with some other banks or sell them to foreign investors. I was also informed that he dislikes the unworthy pay of bank executives and bank workers.

tkb417:
Finecat
u didnt predict the sacking of the MDs, the predicted that 9ja banks will collapse in 12 months!

Your 12 months don expire tey tey and no bank has gone under
except u wanna call this exercise banks going under

This guy is a clown. When the federal Govt. takes over a bank, what does that mean?? I predicted all this late last year and it's not even up to a year yet. Intercontinental was secretly bailed out early this year and yet they couldn't pull through. Intercontinental would have closed shop since march if not for the help from Soludo. I fully expect Intercontinental to be swallowed by another bank or sold to a foreign investor.

hardiboy:

@finecat please what is the genesis of this? Is it link to earlier publicised report of 4 strong banks in Nigeria. What should depositors been doing now?

Please advise.

No it is not linked to that report. The report hint on many facts but this step taken by CBN is based on the fact that CBN is afraid of what might happens if they don't interven fast. These banks are bleeding very bad and they are not as strong as they claim. Intercontinental bank has been rumored to be secretly bailed out by the federal Govt. if not they would have collapsed since early this year. I would advise depositors not to panic but don't put all your life savings in these banks, a word is enough for the wise. The banks have bitten more than they can chew.

IFELEKE:
it's still unconfirmed!.
The CBN governor and top officials of the apex bank are meeting with the CEOs presently in Lagos.
so poster,
Don't raise unnecessary alarm.

Ifeleke, i have always said that you are out of touch with reality. This is confirmed and Erastus Akingbola has resigned this morning. I fully expect EFCC to make some arrest subsequently. If some of you guys go back to my post as far back as last year, i have always predicted this would happen. I expect to see more banks other than these 5 to face serious heat from the federal Government. Bank workers, you better sit tight the days of bounty are long gone. This new guy at CBN means business and my sources are telling me that he is focus on re-capitalizing the bank to 10 banks in Nigeria. Even the so-called GTB and First bank are not that safe. believe it or not. I wonder why everybody is surprise that Union bank is among the 5 banks. Union bank will soon be sold to foreign investors.

Yes they have, Erastus Akingbola has resigned this morning. Federal Government has taken over intercontinental bank and 4 others. I fully expect EFCC to arrest some of them. Nigeriann banks are strong indeed. Bunch liars!!

The federal Government has this morning taking over the affairs of intercontinental Bank and 4 other banks. I have always predicted that this would happen to intercontinental bank. Their MD (Erastus Akingbola) has resigned this morning. I expect him and others to be arrested by EFCC. I have always predicted that Nigerian banks has bitten more than they can chew.

The federal Government has this morning taking over the affairs of intercontinental Bank and 4 other banks. I have always predicted that this would happen to intercontinental bank. Their MD (Erastus Akingbola) has resigned this morning. I expect him and others to be arrested by EFCC. I have always predicted that Nigerian banks has bitten more than they can chew.

playah P:
I sent 10,000 USD to my mother and it got missing,
She went to get the money and she was told to get her passport but when she got back the next day, she was told that the money has been collected, That was like my life Hustle back then,
I actually sent the money through U.B.A.

Wow what a story, very hard to believe because i thought the maximum amount of money you can wire overseas from the USA is $5000! I even tried to send $5400 to Nigeria for a project before and i was denied by western union. I was told that the federal regulations do not permit any amount over $5000. I was told it's another tool the federal government is using to prevent money laundering. I very much doubt that you can send $10000 at once. Naija people and lies sha.

delequake:
KpofKpof, why dont you shut your bitchy mouth up, first and foremost, the bank does not need ur N50 to pay it's employees and secondly intercontinential is just too f**ked up. My bank, FCMB, does not charge for ATM withdrawals and Account maintenance and thier employees are paid monthly. I wonder why you blow gaskets anytime intercontinental is mentioned.

Haba! Bro, take it easy. That was kinda harsh. Let's respectively disagree on issues. I dont support her claim, i think intercontinental is trying to strongarm it's customers to dig out of the deep financial hole they have found themselves. The bank is in some serious financial trouble due to careless business dealings. One love y'all.

The bank is very useless, i can bet you that intercontinental bank is will soon get swallowed by another bank. They will be merged with another by the end of the year. The bank is on life support. A bank that cut staff's salary by %30, systematically laying off staff everyday, blocks customers from withdrawing large amount of money - what more signs of trouble do you need?

It is not Oceanic Bank going through this mess. Intercontinental bank is near collapse, inter treat their staff like slaves. They don't make noise anymore since the reality has beaten them in the butt. Can you imagine inter slashing about %30 from their staff salary. Some rumors even claim that inter and some other banks are contemplating lay-offs or cutting their staff salary to a little bit above civil servant pay scale but the level of work stress will also reduce. FCMB, Afribank, Union Bank etc are going through the same problems as oceanic. My heart beat for Nigerian bankers.

@Adido

This guy is a typical example of a Nigerian banker. Such a airhead. They lie so much about the happenings in the bank they work at. They like to act big for the public eventhough their bottomline is empty. A Nigerian banker will never tell you that his/her bank is struggling, they claim to be an image maker for their employer. This guy made me laugh when he wrote that nonsense about how much bankPHB pays their staff. BankPHB can never afford to pay that much to their staff or is it not Kola Abiola's bank? Where would they get that money from? When the likes of Intercontinental, Zenith and Oceanic is drastically cutting their staff's salary like crazy. I once asked an intercontinental staff shortly after the bank cut their salary how his bank was doing? The idiot began to boast how big the bank is and how many awards they have won until i asked him about the pay cut. He calmed down and accepted that the bank is not what it claimed to be. The case of a Nigerian banker is "suffering but smilling".

@2bad

Congratulations bro' and others. Goodluck in your careers.

Nezed:
Well, methink that First bank cannot be disputed as been strong as even CBN and 'blind Bartimaeus' know that!
The other three(3) i have no fact or knowledge to agree or disagree to their inclusion in that rating.

But Oceanic bank shaking? Holy mother!
Intercontinental, i dnt really knw but back den in naija-like 2yrs ago, they were like the Bomb, had this happy bank logo or sumfin and everybody wanted to open an account with 'em or get a job there and their staff were kind of 'Bigz boys and galz'-i dunno  if its still same today (though i wouldnt be surprised to learn that some financial reports/records of banks are doctored).

Let those in the know come in and throw some enlightenment on this some banks are strong, weak, shaking, and might be swallowed by other banks-_{i find this last category especially funny} gist cos i can still remember sumtime in the past how some banks went under are some piple till 2day aint recovered their Gees while some departed to the yonder as they couldnt bear the loss. we dnt want dat happening again, u knw, this piple work damn hard for their money for chrissake,

I'm not surprise at the report but let's becareful with the report. As much as i don't like Nigerian banks, i think the report is preposterous and i suspect the foreign investors who are interested in buying some Nigerian at a cheap rate.

Intercontinental bank stinks and they are edging on the side of colapse. They just cut their staff salary by %20 and i'm even hearing that they are having difficulty paying some staff benefits and renumerations. The bank bit more than it can chew and has begun to choke. Mark my words, i would be highly surprise if the bank doesn't merge with another bank before December. There is a high possibility they will be eaten by another bank.

Depending on what section you work but the general average is N45,235.75Kobo per month.









Yeye guy why u wan know ETB salary, it's not like they are hiring.

Official selling rate at the bank this morning is 148 and 165 at the black market.

I feel sorry for Nigerian Bank workers oo. They still don't realize they are sitting on a keg of gunpowder. Now i believe that Nigeria is a failed state, when the leaders of a nation constantly lies to the people. They secretely bailed out Intercontinental bank, that bank was actually distressed but Yar'adua silently bailed them out to avoid ripple effect. I wonder if they will bail them out again the second time around.

segun5:
Two months with no pay. I resigned from my last job hoping to start training with UBN in May, though not expecting full salary until June(based on the condition in the offer letter).I have siblings and cousins that depend on my income for their schooling but no income since May. Even if we start training in July, Salary will be in August (i.e., 3 good months without pay).It has not been easy at all. Wish the UBN management will read this and act fast to get us out of this, and if possible, compensate us. Many depend on us for survival, besides; some of us need to meet our daily needs. We are getting frustrated day by day, some companies are aware of this situation and may want to snatch some of the employees, some employees may even leave out of frustration to another company when opportunity knock on their door.

UNION BANK OF NIGERIA is an international company with good reputation, and it won’t be fair to treat their employees like this. PLEASE HELP US OUT

Wait a minute, you mean u actually resigned your last job without a full assurance of the new one?? When will you guys learn that Nigerian Banks are not dependable? All the banks are in serious financial difficulty. They are silently laying off their employees. Bro, i'll advise you to take your old job back if it's possible these banks are not reliable at all.

Afribank has announce the sack of about 600 staff members - mostly middle and junior level staff members.


Afribank disengages workers, reassigns directors
By Rotimi Durojaiye, Group Business Editor

Afribank Nigeria Plc has disengaged a substantial number of its workforce, just as it reassigned nine of its directors.

An unconfirmed source put the number of those to be affected at 600.


The bank has consequently provided attractive severance packages for exiting staff to enable them properly settle down for life after employment.


The exercise, according to the bank, is in continuation of its transformation strategy geared towards achieving optimum efficiency.


It said that the board and management of the bank have provided another exit window for its staff to retire from the organisation.


According to a statement made available on Thursday, both middle and lower cadre staff have decided to take advantage of the exit opportunities provided by the bank.


"The exercise, which was conducted by KPMG Professional Services, is expected to right-size the staff structure and provide optimum efficiency for the institutions.


This development is in line with the bank's strategy initiated in September 2006," the statement explained.


It further stated that "there will also be redeployment of senior management effective from Monday, June 1, 2009 in a bid to put "round pegs in round holes."


The bank stressed that the redeployment "will also create a career path structure for top management to ensure that the bank's human capital resources achieve their full potentials."


The directors reassigned are Chinedu Onyia (Executive Director; South); Isa Zailani (Executive Director Strategy, Risk Management & Control);


Isa Jibrin (Executive Director; Institutional Banking); Henry Arogundade (Executive Director; Operations & IT)


Others are Mohammed Abbas Jega (Executive Director, North); Olajuwon Olaleye (General Manager, Head; e-Solutions); Ndubuisi Osakwe (Head, Financial Institutions & Special Projects);


Godfrey Ebetaleye, (Head; Strategy & Group Coordination) and Mrs. Bunmi Odubanjo, (Head, Retail Banking).


Since the new management came in 2006, the bank has consistently grown its fundamentals.


With 38.4 per cent return on its shareholders' funds of N39.52 billon in its 2007/2008 financial year, Afribank had emerged the fastest growing bank in the country to achieve such a phenomenal growth in returns.


To achieve the feat, the Bank made a pre-tax profit of N15.11billion from the capital deployed in 2006/2007 financial year.


Industry average return on shareholders funds during the period in review stood at 18.7 per cent.


Boosted by Afribank's sterling performance, shareholders of the bank had smiled home with a bonus of one for three ordinary shares of the bank held and a cash dividend of 50 kobo per share.


The bank had generated N15.11billion pre-tax profit in 2008, a quantum leap from N9.13billion in the 2007 financial year, which according to the bank "was made possible by the high level of efficiency, good assets mix, sound management and aggressive business initiatives among others."


The institution had recorded gross earnings of N49.19 billion in the 2007/2008 financial year compared with N27.53 billion in the previous year, showing an increase of 78.67 per cent.


This was considered to be a landmark growth in the industry.


Total assets of the bank also grew by 88 per cent to N352.27 billion from N187.07 billion in 2007, while earnings per share witnessed 78 per cent growth from 99kobo in 2007 to 176 kobo in 2008.

ochallo:
well this poster has said a lot,i work in a bank presently and i am a marketer, i was recently deployed from operations,im in a civil servant state ,so we depend on contractors and few rich people, my target is 100 million each month, last month i was only able to mobilise 6.5 million(very poor), this month is better than that and i believe next month would be better, i came close to getting a 23 million naira but for some reasons it is being delayed, im new in the state and i don't speak their language but my dear optimism is every thing, i can't leave my job until i get a better one. i remember choosing this job over an oil servicing company that was paying far less in lagos(1000000per annum difference), but i keep my head up and believe that it would get better even in the recession.

This poster is a poster boy for my argument that most bank workers are short sighted. Few years back, almost all the Nigerian youths wants to work in a bank because they see their cousin, neighbours etc, etc driving exotic cars. They fail to see the conditions in which these bank workers obtain the luxuries. Sometime i feel bad for bank workers because they are victims of a cruel system. How could any reasonable organization tell his/her employee to go fish for N100mil in an economy like Nigeria's?? What's worst is that you see bank workers act like they work for fortune 500 companies. They lie about their salary, blindly defend Nigerian banks, act like they are doing you a favor for banking with them. When i told people last year that the banks would be in this situation, they were hollering and yelling at me on the top of their voice. Now most bankers i know is looking for another job. I feel sorry for our bank workers.

Donmeca:
I don't even understand peoples'problem. What has IBPLC done that others don't do, except record-breaking? D global crisis affects everyone, even private biz- not to talk of banking industry. Saying the Bank is "stinks" is an insault. They cut salaries in order to tie reward to performance. u can't be sleeping at home and be paid heavily. All d guys dat Finecat knows may not be good enough for d bank, so let them go. Gadols, ur firm did worse than pay cut- downsing. Y don't we dicuss d fate of d sacked workers? The Bank is one of the best in the country and has one of the best pay packages even with the cut. pls let's talk of beta things, not unfounded lies.

Nonsense! The bank stinks and i said it again. They have been systematically sacking their staff over the so-called target. you are here defending a bank that lean on loans from ADB to survive. The bank has bit way more than it can chew. It's one of the bank that is heavily burdened by loans and investor are at their neck to get their money back.

@Poster

Pele o, i'm not surprise at this development at all. Since the salary of the bank workers are getting slashed left and right, someone has to pay. I foresee more incidence like this.

konti:
All banks are mapping out different strategies to survive the economic meltdown.All the banks have slashed salaries and in its place introduced variable pay.This is no longer news.so why the reference to Intercontinental.

Intercontinental bank stinks. their employees are super stressed. The bank is choking seriously they bit way more than can chew. Almost all the guys i know in that bank is looking for a new job. they are so scared of getting sacked because of target.

Noise from bankers has reduced drastically lately, i woder why. Could it be because they are broke??

Emperoh:
I am totally ashamed of the leadership of this country
Simple election for a population not more than 1million?
Now they have a strong opposition and they are blabbing.

I hope my fellow Anambrarians will rise up to them next year!!

Good point there emperoh. That is why i call Nigeria a failed state. Everybody in Nigeria think they are too smart they over analyze things. When did serving people of a state becomes a do or die event? We behave like glorify monkies, the general masses encourage the politicians to loot when they stroke their egos. Fasola was lecturing his commissioners not to steal public money in order to help friends send their children abroad. Every household in Nigeria wish that his family member is in Government. it's the quickest way to riches.

Even the best cat i ever had was killed by an Ekiti man. An innocent cat for that matter.

IFELEKE:
You are  demented  with distorted political comments/views.
You don't need to publicly display your shallow knowledge about happenings around you so I'll suggest you go back and get some fact straight from your tutors before you come back here for more schoolings.
Few Corrections:
Daramola wasn't murdered to pave  way for Fayose,he was murdered towards the end of fayose's reign as governor
It's Ondo state not Ondon.
I can go on and on but I don't have time for trivialities.
_NitWit
Nitwit

See that's exactly my point, you guys dont have no way of resolving issues than to curse, argue and fight. Need i say more? You post just proved my point.

debosky:
Finecat & sweet T are one and the same but that is an aside.

The real reason behind the problems in Ekiti is due to a strong opposition. PDP steam rolled it's way to victory in the other states because they did not face formidable opposition, hence no need to employ thugs to enforce a victory. Since they have been challenged in Ekiti, they are pulling out all the stops to win, including rigging.

Impeachment is a legitimate tool, so are disagreement and opposing views - violence is not legitimate and should be stamped out by the police - it is that simple.

I guess you are Nostradamus. who f@ck is sweet T ?? just because he seems to agree with my views, all of a sudden we are one. You people are victims of your imaginations. There will never be peace in Ekiti untill they change their mentality.

debosky:
Sweet T stop baiting the Ekiti people. We are talking about the failings of the government (specifically the police) with regards to running the elections. Even if the people are violent as you imply, why is the police unable to control the violence? They failed at their jobs and should complain of inadequate support if that was the case.

Debosky, swee T is very correct in his post. Every other states has been to the tribunal and re-ran their elections. how come it's only Ekiti that has to do it 3-4 times?? I can guarantee you that even if Fayemi wins it won't be long b/4 they impeach him. The truth is Democracy only work for people who are patient, Nigeria as a whole are not patient and Ekiti people are even worse. I know exactly what i'm talking about, we have had tons of Ekiti people as family friends.

IFELEKE:
Finecat,
Exactly what are you trying to say?
You mean you can't properly read meanings to people's action and agitations?
YOu claim Ekiti People don't know how to do anything themselves? and who are the people fighting for their rights?
Pray tell me where you come from and I will clearly give you instances when your people have been exploited and cowed into submission by the same people Ekitis are figthing.
It's a pity you and your people have been seriously robbed and dealt with to the extent that you can't see the present happenings in Ekiti as a fight for Liberation which might Ignite same for the country.

That's a big pile of non-sense. This kind of crap is typical of Ekiti and Oyo states. Before Fayose they murdered Daramola, Fayose got in nothing changed, Oni got in nothing changed. what makes you think Fayemi is their savior? Those people have been like that for years even before they parted from Ondon state. Remember we ti e back in the '80s? who were those burning houses,businesses, cars etc. You argue blindly, Ekiti people are known to be stubborn in Yorubaland.

I'm from lagos states since you asked.

When will people understand that Ekiti people are not to be left alone to do anything by themselves, they are like a kid. No matter what Ekiti man does there will always be an argument or a fight out of it. If you agree with an Ekiti man, he will argue to diagree for agreeing with him. can you imagine those type of people?

Most banks in Nigeria will soon be paying less than N1m to their employees.
Intercontinental just reduced their staff salary by a whopping 30%!