Economic Meltdown: 50 Bank Managers Get Sacked

50 top managers of Ecobank Nigeria Plc have been sacked due to the tough economic hardship in the country which has made the bank struggle to stay afloat. PM News reports that the managers were handed their sack letters on Tuesday, February 23 at the Bank’s head office in Victoria Island, Lagos.

It was reported that those affected were those in the position of assistant general manager, deputy general manager and above whose monthly salaries range between N1 million and N2 million. A bank source said the bank has been going through challenges due to the fall in the price of oil and the Naira. This had led to the bank to undergo restructuring.

The source said all banks in the country were affected by the economic situation but Ecobank was greatly affected. The bank had to take the action because it could not continue to pay the salaries of top echelon staff which ranged from N1 million to N2 million.

The source said: “Ecobank is not the only bank facing the biting effect of the economy and the bank is only trying to trim its wages” and that “since those at the top earned more, it decided to sack many at the top level”. The economic situation has been affecting a lot of businesses in the country although President Muhammadu Buhari has insisted that he would not devalue the Naira as there is no benefit in doing so. However, there seems to be hints of optimism as the Naira has started to firm against the Dollar in the parallel market.

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