Have you heard the news? One of the banks in NIgeria has sacked many of its best managers. Learn more now.
Digit 50 seems to be a nice round number they use in Nigeria when it goes about sacking. Just recently in Abuja over 50 000 workers were sacked. And now Ecobank Nigeria Plc has sacked 50 of its managers. Find out more now.
Seems like 23rd of February 2016 was a rather active and a bit sad day. Not only several Nigerian actors have passed away on Tuesday, but 50 managers of Ecobank Nigeria Plc received their letters. They got notified of being sacked from their positions. All of these people used to receive at least 1 million naira salary and up to 2 million.
The reason behind such an action is obvious. Ecobank Nigeria Plc has hard time staying in business. It can no longer afford to pay such high fees to its employees. Such a difficulty is caused by the oil price drop. Not only this bank, but all of them in Nigeria got in trouble because of the oil price drop and naira fluctuations.
Thus the top management of the bank had to make this difficult decision and fire some of its assistant and general management. It is hard to predict how such sacking would affect the bank. Surely it has some extra money now, but the quality of its performance can be severely damaged by the loss of such a significant part of managerial staff.