Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Why we disengaged workers-Wema Bank

Category: Investors NewsBeat

  Read (2498)
Why we disengaged workers-Wema Bank
15/04/2010 15:32:00Richard Aderounmu
The management of Wema Bank Plc. has maintained that the workers recently disengaged were those due for retirement or those whose functions and responsibilities overlap.

Mr. Tunde Olofintila, Head, Corporate Communications of  the bank, said this in Lagos.It would be recalled that Mrs Bolarinwa Tijani, spokesperson for the disengaged workers, had said the bank refused to convert contract staff who had spent more than 15 years to permanent status.

Tijani also accused the bank of spurious salary cuts and disengagement of staff without due process.Olofintila, however, said the new management of Wema Bank “released” some of its workforce to enable it create an institution  that could compete in the banking sector.

“This is in consonance with the three-phase transformation plan of repositioning, stabilising and growing the bank to enable the 64-year old financial institution to regain its prime position as a leading bank in Nigeria.

“Those released from the services of the bank are those due for retirement (after attaining the official retirement age or having served for 30 years), those on the verge of retirement and those whose functions and responsibilities overlap”, he said.

Olofintila said Mr. Segun Oloketuyi, the bank’s Group Managing Director/Chief Executive Officer, had announced that some processes would be streamlined and  roles merged for effective service delivery.“We must now, as a matter of urgency, implement measures to achieve the three-phase transformation plan.

“This is by reducing cost, eliminating duplication, acquiring superior knowledge and skills about our business to achieve world-class performance”, Olofintila said.According to him, the retrenchment exercise is also to reposition the bank for efficient and effective service delivery.

Olofintila said the bank had  implemented a New Service Delivery initiative and a redeployment  exercise was effected to support it. He said the bank had shored up its work force with 770 new entrants, made up of 541 recently converted contract staff and 229 corps members who served in the institution
(Source:Business Hallmark)

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014