Ecobank Nigeria Lay Off About 1,040 Workers

Ecobank Nigeria Limited on Wednesday sacked not less than 1,040 of its staff just as the it announced the conversion of over 200 outsourced personnel to permanent employees.
The bank in a statement issued  in Lagos said it was part of “its renewed drive for optimal performance”.

Mr Charles Kie, the bank’s Managing Director, was quoted by the statement as saying that the bank realigned certain roles to ensure improved efficiency.

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This he said necessitated the exit of some staff who were adequately compensated.

It said the conversion was also part of its drive to attract and reward talent and reposition the bank for improved efficiency.

The statement stated that the bank also implemented a merit pay increase for the top performers across all cadres in recognition of excellence.

The managing director said the bank was resolute in recognising and rewarding excellence that would drive its goal of achieving exceptional performance in the industry.

“This is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.

“Our focus is to improve the quality of service to our customers as well as our operational efficiency.

“We understand that people are our key asset, so we have emphasised the need to reward our best performers to re-invigorate our people while also opening up new opportunities for talented, committed people to join us as permanent employees.

“At the same time, based on our repositioning plan, we had to disengage some staff while ensuring that, in line with industry standards, they are treated fairly”, he stated.

Recall that the bank in February sacked about 50 senior managers as part of its cost-cutting measures amid a challenging business environment.

The top officials laid off by the bank were general managers, deputy general managers and assistant general managers, among others.

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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