Ecobank Sacks 50 Top Managers Over Economic Hardship

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Ecobank Sacks 50 Top Managers Over Economic Hardship

Ecobank Nigeria Plc has sacked 50 top personnel as it struggles to stay afloat in the midst of biting economic hardship in the country.

TheNEWS gathered that the rank of those sacked ranged from Assistant General Manager, Deputy General Manager and above whose monthly salaries range between N1 million and N2 million.

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.

A source in the bank confided in TheNEWS that the bank has been going through tough time as a result of crippling economy, occasioned by dwindling oil prices and the crumbling of the naira to dollar.

Our source said the bank has been undergoing restructuring in recent times in trying to survive in a fast collapsing Nigeria economy.

According to our source, the source of revenue to the bank had trimmed since the hardship is biting hard on all Nigerian banks. Since Ecobank has not been making money, there was no way it could continue to pay the huge wage bill of top staff, which ranged from N1 million to N2 million.

Our source added that Ecobank was not the only bank facing the biting effect of the economy and that the bank is trying to trim its wages, but that since those at the top earned more, it decided to sack many at the top level.

Currently, Nigeria’s economy is in dire straits, as oil prices continue to slump in the international market.

There has been clamour on the government to devalue the naira, but President Muhammed Buhari is yet to concede to this idea.