The banking sector may be one sector seriously hit by the harsh economic struggles as they struggle to survive in the country. This is evidenced in the recent downsizing in Ecobank Nigeria Plc, which has laid off 50 top management staff of the bank.
The affected top management staff of the bank were handed their sack letters from the bank’s head office in Victoria Island, Lagos, Southwest Nigeria on Tuesday.
The rank of those affected ranged from Assistant General Manager, Deputy General Manager and above whose monthly salaries range between N1 million and N2 million.
Sources report that the bank has been passing through tough times as a result of crippling economy, majorly caused by dwindling oil prices and the crumbling of the naira to dollar.
Ecobank is reported to have been undergoing restructuring in recent times in order to survive in a fast collapsing Nigeria economy, adding that the source of revenue to the bank had dwindled since the hardship began biting hard.
This battered economy is most likely also affecting all Nigerian banks, but Ecobank seems one of the worst hit as it had not been making money, making it unable to pay the huge wage bill of top echelon staff which ranged from N1 million to N2 million, thereby trimming its wages.
Unfortunately, those at top managerial positions who earned more, were the ones hit by this volcanic downsizing.
Nigeria’s economy is currently facing one of its toughest times as oil prices continue to slump in the international market, while the nation’s naira has continued in landslide collapse to the dollar, with about 380 naira exchanging for a dollar early this week.
There have been clamour on the federal government to devalue the naira, but President Muhammed Buhari has clearly rejected this idea.
Uncertainty and insecurities now hang in the banking sector, as fears of further sack by other commercial banks still loom ahead.