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Ecobank Faces Backlash After Laying Off Over 150 Workers Without Adequate Severance

On December 22, 2023, over 150 Ecobank employees were abruptly laid off without clear reasons, according to FIJ.

TOP MEDIA gathered that the layoffs, effective January 31, 2024, impacted workers who had dedicated 10 to 22 years to the bank.

These employees reported receiving severance pay far below their expectations, leading to widespread dissatisfaction.

The affected employees revealed that Ecobank disabled their access to the intranet system on the day of the announcement and paid their December salaries at the old rate.

Meanwhile, other staff members received alerts for increased salaries across all levels. The severance pay amounted to only four months’ net salary, with many employees anticipating at least a one-year gross salary.

For instance, an assistant manager expecting N10 million received just N2.5 million.

Compounding the issue, the bank deducted outstanding loans from the severance pay, leaving some employees with little to no compensation.

In some cases, employees ended up with debit balances and had to source additional funds to clear their debts.

The employees expressed their frustration, noting that the bank’s decision was not based on disciplinary actions or performance issues.

They pointed out that many had been promoted just months before the layoffs.

Despite writing to Jeremy Awori, Group CEO of Ecobank Transnational Incorporated, and involving the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), the employees received no satisfactory response.

The union has been in talks with the bank management, but no resolution has been reached.

The bank has cited economic grounds for reneging on the agreed payment with the union.

Months after their sudden disengagement, the affected workers continue to struggle, facing financial instability and difficulty securing new employment.

The employees urge Ecobank management to provide adequate compensation for their years of dedicated service.

FIJ reached out to Ecobank’s CEO and HR unit for comments but received no response.

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