The management of Ecobank Nigeria explained the reasons behind the non-renewal of the contract agreement with its three outsourcing firms: VLA, ICS and L&B that subsequently led to the termination of the employment of over 1,500 of its workforce on last week.
In a media statement issued by Ecobank Nigeria, the Bank explained that part its business strategy is to employ full time graduates through its state-of-the-art training school that was recently accredited by the Chartered Institute Of Bankers Of Nigeria and that over 300 graduates currently undergoing training are to be absorbed into the system as permanent staff.
As part of the Bank’s business strategy, the bank is investing in the employment of full-time graduates and as such over 300 graduates are currently undergoing training at the Bank’s state of the art Academy which was recently accredited by the Chartered Institute of Bankers of Nigeria. They are to be absorbed into the system at the end their training as permanent staff.
The media statement further explained that the bank made adequate provisions for the affected contract staff to cushion the effect of the cessation of contract agreement with the three recruitment agencies. The statement in part reads:
As a demonstration of the Bank’s concern and compassion for the affected personnel of our contractors, palliative measures were put in place by the Bank to cushion the effect on them: These include payment of contract cessation packages of over half a billion Naira already paid through their employers as well as opportunity given to those with requisite qualification to apply to the Bank for permanent employment.
In addition, the Bank has offered them the opportunity to become Xpress point agents of Ecobank as a way of further providing them entrepreneurial and financial empowerment.
The statement on the contract staff concluded that
The Bank would continue to align its people composition, development, recognition, and rewards to position us as best practice service model in the industry, delivering superior customer service and experience across our network
It will be recalled that Ecobank MD Mr Patrick Akinwuntan mentioned during the graduation of one of the trainee batches in Lagos, that the trainee programme initiative is part of Ecobank’s transformation agenda that will make the bank a most preferred financial institution in the country. According to Mr. Akinwuntan:
“This programme is our own way as a bank to invest in creating future leaders for the Nigerian banking industry. We are investing in the people to accomplish our vision both as a bank and a country. A key success factor of any bank is capital; and we must therefore train those who will be empowered to oversee this capital and put it to good use in the interest of depositors and investors. Staff of banks must be well trained and knowledgeable so that they can ensure that funds in the banks are effectively deployed. For us at Ecobank, we must also ensure that we deliver on our promise as a financial institution of choice not only in Nigeria, but the whole of Africa. We therefore take the development of adequately trained manpower as a “must do” in striving to achieve our goals”.