Ecobank Battles Claims To Have Sacked 50 Top Level Major Salary Earners With “Announcements Of Promotions Of 300 High Performing Staff”

Financial institution Ecobank has taken headlong reports of sack of 50 senior management staffers.

“The pan African Bank” in communication to dispel the sack attributed to ‘’’harsh economic realities’’ announced the recent promotion of about 300 top performing staff.
The communication from the back reads in part ‘’ affected about 10 per cent of the employees is in line with the bank’s commitment to recognizing and rewarding excellence and exceptional performance. The promoted staff cut across all cadres of the workforce.’’ And went on to confirm earlier reports of sack ‘’ Also few staff that performed below expectation have been exited’’

The reports of the sack of top level management staff had alleged ‘’ the rank of those who were sacked ranged from Assistant General Manager, Deputy General Manager and above, many of whom earned monthly pay packets in the region of N1 million and N2 million.
The bank reportedly decided to sack the top-ranking officials to be able to stay afloat as it has continued to battle with the crippling economy in the country occasioned by crumbling of the naira to the dollar and slump in the global oil prices.
The latest sacking was one of the series of restricting measures the bank had embarked on to be able to survive the harsh economic climate’’

But countering these assertions in it’s official communication a statement credited to Deputy Managing Director of the bank, Mr. Anthony Okpanach reveals ‘’ the same Performance parameter used to determine the performance of those promoted, also revealed underperformance of the disengaged workers’’.

The statement was silent on the numbers and cadre of the disengaged staffers.

According to the official statement ,the measurements used to promote and disengaged were stated as ‘’ an appraisal exercise conducted using an in-house developed performance management system which uses both financial and non-financial metrics to categorize staff.’’