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Ecobank sacks over 1,000 staff after Oceanic Bank merger in Nigeria

Category: Mergers & Aquisitions

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Ecobank sacks over 1,000 staff after Oceanic Bank merger in Nigeria


February 16, 2012
Ecobank is to sack about 1,250 staff in Nigeria after the bank completed its business integration with Oceanic Bank, according to media reports in Nigeria.
Ecobank said in a statement that the sacked workers would be given severance packages and “at the same time, we are taking steps to ensure that all disengaged staff are treated fairly and in line with industry practice,” reports Nigeria’s news outlet the Daily Trust February 16, 2012.
A ThisDay news report quoted Ecobank’s Managing Director, Mr. Jibril Aku explaining that “Our focus in the new enlarged Ecobank is to ensure a smooth integration of the two banks as soon as possible whilst working to improve the quality of service to our customers and our operational efficiency.”
Meanwhile, the bank says it had promoted 1000 of its top performing staff, adding that it had given opportunity to 600 non-core staff to become permanent employees.
“Following its recent merger with the former Oceanic Bank, Ecobank in Nigeria has announced the promotion of its top 1,000 performing staff. The bank is giving a unique opportunity to 600 non-core staff to become permanent employees,” it said.
Mergers in the banking industry have always been characterised by downsizing of staff.
Access bank which acquired Intercontinental bank late January 2012 sacked over 1,000 workers out of its 4,400 workforce in Nigeria.
It is however not known whether Ecobank and Access Bank will embark on such downsizing at its Ghana operations since both have acquired the Trust Bank (TTB) and Intercontinental Bank respectively.
By Ekow Quandzie/

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