Read What Skye Bank Did To Survive The Economic Crunch


Skye Bank Plc. on Monday dismissed 175 0f its staff, in spite of the federal government’s restraining order on further dismissal in the banking sector.

The bank’s management confirmed the development in a statement explaining that the affected workers failed the year 2015 appraisal exercise.

Reports however say some of those affected claim the actual figure of sacked staff are 200, adding that the bank reduced the number of those dismissed.

The bank in it’s statement explains that a combination of factors was taken into consideration in the annual exercise, which ranged from low productivity to disciplinary issues, adding that the affected employees were duly exited in line with the bank’s staff exit policy.

Also See: Another Major Bank Downsizes, Sacks 1,040 Staff

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Skye bank extended its appreciation to the affected staff for serving the bank, describing them as members of the family who will always be accorded deserving respect in their future dealings with the bank.

On Friday, Minister of labour and employment, Chris Ngige, given several petitions and complaints in the sector, directed banks and financial institutions to suspend retrenchment done in the past four months, pending the outcome of a proposed stakeholders meeting, for employers and employees of the banking, insurance and financial institutions on July 2.

Ngige said any action taken in that regard would be seen as illegal, saying a meeting on the way forward would be held on July 2.

Skye bank has only just added to the string of job dismissals in the banking sector. Only last week, Ecobank sacked 1,040 staff, a few months after 50 senior managers were sacked.

Also, Diamond Bank had just recently sacked 200 of its workforce, adding to the number of unemployed Nigerians, even in the face of the current economic crisis.

Read More: Diamond Bank Sacks 200 Workers Amidst Economic Woes

Diamond bank said in its last appraisal, only 200 staff whose performance scorecards were adjudged to be lower than the minimum required to drive its strategic growth plan for the business year were relieved.