Access Bank Sacks 1, 500 staff of Intercontinental Bank
As a result of the completion of the acquisition of Intercontinental Bank Plc by Access Bank Plc, Access Bank Plc yesterday January 27th terminated the employment of 1, 500 employees of Intercontinental Bank and also shut down some branches of Intercontinental Bank nationwide for 'non-performance'.
Aww..this is so so gross,jeez!! 1.500 workers thrown again into the labor market ,coupled with the over populated unemployed graduates looking for jobs in Nigeria,na wa o!!why is it that bank most times downsize workers just at the drop of a hat,,hmmm...
This is so sad, millions of ppl r unemployed, the employed ones are being sacked, access bank why ? Its not their fault that Intercontinental collapsed
Tough times.. these people are paying for the greediness of Erastus Akingbola, and his business-men friends that took loans to furnish thier expensive lifestyles,Otedola, Dangote, Onajite Okoloko, Oba Otudeko, Jimoh Ibrahim, Peter Ololo, Bayelsa state governement etc, all the private jets donations that were made, and all the lavish parties, and all the political donations. In the end, who suffered for it. Sad!!
Access bank surprises outgoing staff with bumper exit package. Labour adopts Access Bank package industry as standard following best practice. Access Bank. 70% of staff that benifited from Access Bank were not eligible under intercontinental's gratuity scheme. Extra benefits not contained in the gratuity was splashed out (transport, 1year medical).Only staff who performed very poorly were affected. Existing strict standards maintained for Access Bank staff. Staff was also breifed individually by senior staff and treated with dignity and utmost respect. Access Bank at its own cost engaged a placement agency to help exited staff pursue new opportunities. Even some retained staff have voluntarily opted for this generous exit scheme
U lie from ur teeth! What filth! Access bank sacked people without regard 2 how faithful they've been to Intercontinental bank. They terminated their appointments unjustly. U can watch d protest on AIT.
Sanusi was this what you meant by Bank consolidation and not lossing jobs..as someone alluded..those useless Bank Owners who chopped all the savings..multiply 1500 * No of family members that rely on them and could be looking at close to 20,000 affected family members..
I knew 4rom d onset dat dis will surely happen. I can imagine Access bank dat's not doin beta than Intercontinental bank acquirin it. God is in control.
Whatever Sanusi was trying to achieve with d banking reforms we r yet to see. Apart from d loss of jobs there has been no impact on our economy. These ppl fired were bread winners for their families. The paltry sums they'll be paid can't even start up a business. May God console those families & give them grace to soar in whatever endeavours they choose.
Is this bad? Probably not. If the bank had collapsed they would all have lost their jobs anyway. And since they presumably retained the very best employees, many of those sacked must have contributed to the bank's failure. The only guarantee of job security is superior performance. If you're performing and your employer is prospering, you can't be sacked, unless your employer is clueless. If so, then you don't want to work for him/her! Anyone trying to make laws to guarantee job security is an agent of evil, because such laws will just make employers extremely reluctant to hire new staff. A flexible labour market is best for society.
This is sad. But come to think of it, with all the new technologies banks are investing in e.g Internet Banking, Mobile Money, ATMs etc there would surely be reduction in number of staff needed to operate in the bank cos banks need to cut cost and be profitable. My ten cent is for all the employed/unemployed to develop entreprenurial mindset and START a business ASAP. Learn about the Five Things You Don't Need to be a Successful Entrepreneur. http://www.entrepreneurshipsecret.com/successful-entrepreneurs/
NB: Also learn from Linda, she has a successful business though it was never easy starting up but now, she's living her dream and her business is taking her places. Kudos Linda!!!
I guess d Access guys did wat dey had 2 do, my prayers r with those who lost their jobs, God will give u something bigger n better! Amen.........have a blessed week y'all.
Guys d kin of politics dat is in d bankin sector nobi smal,acces bank pple get mind d underlook inte staff n mkin dem feel inferior simpli bkos d av taken over,dat mins if we had 8pple in a sector n d sack 6 dat mins d workload wud be too much fo d 2pple left,abeg ma inter pple it bera ur resigned honourabli dan subodi to sack u oo,it nt d end of d world .
Guys d kin of politics dat is in d bankin sector nobi smal,acces bank pple get mind d underlook inte staff n mkin dem feel inferior simpli bkos d av taken over,dat mins if we had 8pple in a sector n d sack 6 dat mins d workload wud be too much fo d 2pple left,abeg ma inter pple it bera ur resigned honourabli dan subodi to sack u oo,it nt d end of d world .
IGBENOBA OMOTOLA. CALEB UNIVERSITY LAGOS. are they trying to say a whole 1500 peope are 'inefficient? this doesn't sound even remotely right or possible. now 1500 people are out there competing with the new graduates. how sad...
Sorry guys I hv family n friends in this! N I'll do it for you guys anytime! “Sacked Staff of intercontinental bank Plc in Lagos are meeting on monday at Idejo branch VI by 8am to protest the sack of its 1500 members .The Media and Labour has been invited to press and call the attention of the world to the injustice being meted out to us by acquiring cowboy bankers at Access Bank Plc”..Please let's help them..rebroadcast if you care...
Just to clear the air a bit on this, Access Bank did not sack 1,500 workers. The figure is cruelly exaggerated. Also, it affected staff of both banks as some members of Access bank were also let go for non-performance. We shd note though that when organisations go thru M&As (mergers & acquisitions), job losses are inevitable so Access bank has not done anything out of the ordinary. And like Anonymous said, all exited staff were paid off handsomely (even those that did not qualify under the previous Intercontinental bank scheme). Don't keep you hopes too high though, same will happen with the Ecobank-Oceanic acqusition. it's just a matter of time.
@Igwe Osita One. You said they must have contributed to the bank's failure. I think that's a very insensitive comment. Are you Seun Osewa or one of his disciples? Cos this was the exact argument he made on Facebook
To the person that commented that its those that had poor performance that were affected, dear trust me what goes around comes around, u sit there and judge when your time come same will be said about you too. You don't have the right to say what you said.learn to be we sensitive to people
I want to believe the this merger was agreed on with all transparency and it followed best practice. I am bank worker and i expected this because it normal in any merger process. Either the sacking is done or later, obvious or coded, it must surely be done if the corporate culture of the company must be maintained
Sterling Bank acquired ETB too... More bankers set to lose jobs? Good thing is that ETB doesn't have that many branches and Sterling can still afford to retain all ETB workers.
i ALSO HEARD AIG DOESN'T LIKE THE WORD HND YOU MUST BE A FIRST CLASS GRADUATE FROM A FEDERAL UNIVERSITY. IBPLC HAD A BUNCH OF HND GRADUATES IN THE PAY ROLL MORE THAN 75% HE SACKED HAD HND
When are all these banking wahala going to end. My advice for those in the banking industry is to be on their toes and plan for the future because you don't know if you are going to be the next person. But on a personal note, i think this is going to be the final phase of the banking reforms. So am expecting a bright future for the bankers as from now on.
for those of yuo who are not in the know, be informed. the 1500 is just a fragment , all inetrens , drivers and also secretaries where asked to go. mind you the only pple affected was intercontinental staff only. access bank introduced a scheme thet called operation just cause stating that intercontinental bank staff will mobilise deposits and will be appraised within a 6 month period only after 2 months they came up and asked pple to go, during this mnth the bank's performance mangemnt was having a hard time capturing pple's achievements and this problem was brought to the notice of the mgt but it fell on deaf ears, anyways they renaged on the 6 mnths period and apparsied after 2 mnths amidst the aforementionmed problems. i tell u the pple sacked where the best cro[p of workers and employer cld eva wish for. access staff compared to this pple are no match. access bank also has the operation just cause target but ironically they are only asked to open accounts with zero balances how hilarious. for those who feel pity thank you, but i must tell u, u will neva see a happier set of pple dat where asked to leave their jobs dan this set of pple, bcos AIG is a beast and the worst employer of all times, access bank staff are like robots who cant think for themselves,AIG all along knew he wasnt going to keep intercontinenetal staff becos they are liberal minded thinkers, he wants zombies. the unfortunate ones left behind where demoted and asked to sign a 3 year fidelity bond that wld tie dem to d bank and they cnt go to anoda organisation within that period or they wld pay a fee to the access bank. the sacked staff are protesting not bcos they wanna cme bck but bcos the clause of 'termination" on their letters is grossly inadequate and he tried to steal the grattuity of qualified staff that was set aside for staff by the old mgt. the proud goat called AIG went ahead and told the remaining staff left that if they want to resign he will pay them, to his utter dismay the number of remaining pple that opted fro this option was alarming, resulting in the inability of alot of branches not opening last week. pple knew they cant work with a draconian mgt. i dnt wanna go into the bogus sale of the bank to access. its a pity dat after the affected workers did a pertition to the presidency nass cbn e.t.c no one has responded to this issue. the problem with AIG is that he thinks he is GOD. he's downfall is near. beacuse customers have started pulling out their funds enmasse since this whole bruhaha started.
Aww..this is so so gross,jeez!! 1.500 workers thrown again into the labor market ,coupled with the over populated unemployed graduates looking for jobs in Nigeria,na wa o!!why is it that bank most times downsize workers just at the drop of a hat,,hmmm...
ReplyDeleteThis is so sad, millions of ppl r unemployed, the employed ones are being sacked, access bank why ? Its not their fault that Intercontinental collapsed
ReplyDeleteTough times.. these people are paying for the greediness of Erastus Akingbola, and his business-men friends that took loans to furnish thier expensive lifestyles,Otedola, Dangote, Onajite Okoloko, Oba Otudeko, Jimoh Ibrahim, Peter Ololo, Bayelsa state governement etc, all the private jets donations that were made, and all the lavish parties, and all the political donations. In the end, who suffered for it. Sad!!
ReplyDeleteVery sad indeed! They'll surely not go unpunished. Karma will catch up with all of 'em.
Deletethey've added 1500 to the number of jobless people in Nigeria! God have mercy!!!
ReplyDeleteAccess bank surprises outgoing staff with bumper exit package. Labour adopts Access Bank package industry as standard following best practice. Access Bank. 70% of staff that benifited from Access Bank were not eligible under intercontinental's gratuity scheme. Extra benefits not contained in the gratuity was splashed out (transport, 1year medical).Only staff who performed very poorly were affected. Existing strict standards maintained for Access Bank staff. Staff was also breifed individually by senior staff and treated with dignity and utmost respect. Access Bank at its own cost engaged a placement agency to help exited staff pursue new opportunities. Even some retained staff have voluntarily opted for this generous exit scheme
ReplyDeleteHmmmmmn...I hear u
DeleteU lie from ur teeth!
DeleteWhat filth!
Access bank sacked people without regard 2 how faithful they've been to Intercontinental bank. They terminated their appointments unjustly. U can watch d protest on AIT.
Sanusi was this what you meant by Bank consolidation and not lossing jobs..as someone alluded..those useless Bank Owners who chopped all the savings..multiply 1500 * No of family members that rely on them and could be looking at close to 20,000 affected family members..
ReplyDeleteI knew 4rom d onset dat dis will surely happen. I can imagine Access bank dat's not doin beta than Intercontinental bank acquirin it. God is in control.
ReplyDelete.....If poor man dey vex, rich man no go rest o
ReplyDeleteSo sad!
ReplyDeleteWere r we headin 2, I hope dey r nt trying 2 encourage Stealin, Thiefs, Yahoo, Fraud, Oooleaaa etc. Na only God go help us ooo
ReplyDeleteWhatever Sanusi was trying to achieve with d banking reforms we r yet to see. Apart from d loss of jobs there has been no impact on our economy. These ppl fired were bread winners for their families. The paltry sums they'll be paid can't even start up a business. May God console those families & give them grace to soar in whatever endeavours they choose.
ReplyDeleteToo bad those 1500 people lost their jobs, I hope the find a new job or create their own job. At www.shopkolo.com we have a few positions open.
ReplyDeleteIs this bad? Probably not. If the bank had collapsed they would all have lost their jobs anyway. And since they presumably retained the very best employees, many of those sacked must have contributed to the bank's failure. The only guarantee of job security is superior performance. If you're performing and your employer is prospering, you can't be sacked, unless your employer is clueless. If so, then you don't want to work for him/her! Anyone trying to make laws to guarantee job security is an agent of evil, because such laws will just make employers extremely reluctant to hire new staff. A flexible labour market is best for society.
ReplyDeleteJust like they did when they acquired Capital and Marina bank. Greedy AIG. If our account officer is affected, they should kiss our accounts goodbye.
ReplyDeleteThis is sad. But come to think of it, with all the new technologies banks are investing in e.g Internet Banking, Mobile Money, ATMs etc there would surely be reduction in number of staff needed to operate in the bank cos banks need to cut cost and be profitable. My ten cent is for all the employed/unemployed to develop entreprenurial mindset and START a business ASAP.
ReplyDeleteLearn about the Five Things You Don't Need to be a Successful Entrepreneur.
http://www.entrepreneurshipsecret.com/successful-entrepreneurs/
NB: Also learn from Linda, she has a successful business though it was never easy starting up but now, she's living her dream and her business is taking her places. Kudos Linda!!!
in this new year?nd sbsidy?
ReplyDeleteReally depressing!
ReplyDelete1500? That's massive...and too soon. They completed acquisition and asap terminated these people
ReplyDeleteI guess d Access guys did wat dey had 2 do, my prayers r with those who lost their jobs, God will give u something bigger n better! Amen.........have a blessed week y'all.
ReplyDeleteThey had to close down all intercont branches which were on d same road as access...and just like dat, d staff were gone!! Na wa o...
ReplyDeletethat shit kray!
ReplyDeletewe've got millions still unemployed! WTF!
So sad...
Really sad. Just hop ecobank won't do same to oceanic.
ReplyDeleteGuys d kin of politics dat is in d bankin sector nobi smal,acces bank pple get mind d underlook inte staff n mkin dem feel inferior simpli bkos d av taken over,dat mins if we had 8pple in a sector n d sack 6 dat mins d workload wud be too much fo d 2pple left,abeg ma inter pple it bera ur resigned honourabli dan subodi to sack u oo,it nt d end of d world .
ReplyDeleteGuys d kin of politics dat is in d bankin sector nobi smal,acces bank pple get mind d underlook inte staff n mkin dem feel inferior simpli bkos d av taken over,dat mins if we had 8pple in a sector n d sack 6 dat mins d workload wud be too much fo d 2pple left,abeg ma inter pple it bera ur resigned honourabli dan subodi to sack u oo,it nt d end of d world .
ReplyDeleteIGBENOBA OMOTOLA. CALEB UNIVERSITY LAGOS.
ReplyDeleteare they trying to say a whole 1500 peope are 'inefficient? this doesn't sound even remotely right or possible. now 1500 people are out there competing with the new graduates. how sad...
The truth is that those branches closed was for the access bank to raise fund to pay back the loan they borrowed from agric bank to buy ibplc
ReplyDeleteWe can never forget that access bank was owing intercontinental bank the sum of N16bn nd were allowed to acquire the same with N50bn
No justice in the whole dealgs
Sorry guys I hv family n friends in this! N I'll do it for you guys anytime!
ReplyDelete“Sacked Staff of intercontinental bank Plc in Lagos are meeting on monday at Idejo branch VI by 8am to protest the sack of its 1500 members .The Media and Labour has been invited to press and call the attention of the world to the injustice being meted out to us by acquiring cowboy bankers at Access Bank Plc”..Please let's help them..rebroadcast if you care...
Just to clear the air a bit on this, Access Bank did not sack 1,500 workers. The figure is cruelly exaggerated. Also, it affected staff of both banks as some members of Access bank were also let go for non-performance. We shd note though that when organisations go thru M&As (mergers & acquisitions), job losses are inevitable so Access bank has not done anything out of the ordinary. And like Anonymous said, all exited staff were paid off handsomely (even those that did not qualify under the previous Intercontinental bank scheme). Don't keep you hopes too high though, same will happen with the Ecobank-Oceanic acqusition. it's just a matter of time.
ReplyDelete@Igwe Osita One. You said they must have contributed to the bank's failure. I think that's a very insensitive comment. Are you Seun Osewa or one of his disciples? Cos this was the exact argument he made on Facebook
ReplyDeleteEco bank too just bought oceanic bank so expect more unemployed.
ReplyDeleteEwoooo... faints
ReplyDeleteTo the person that commented that its those that had poor performance that were affected, dear trust me what goes around comes around, u sit there and judge when your time come same will be said about you too. You don't have the right to say what you said.learn to be we sensitive to people
ReplyDeleteThere is alot going on as regards this issue on twitter. #Banking2012
ReplyDeleteI want to believe the this merger was agreed on with all transparency and it followed best practice. I am bank worker and i expected this because it normal in any merger process. Either the sacking is done or later, obvious or coded, it must surely be done if the corporate culture of the company must be maintained
ReplyDeleteSterling just took over ETB aswell, hmmmm... More bankers being thrown back into the job search market.
ReplyDeleteSterling Bank acquired ETB too... More bankers set to lose jobs? Good thing is that ETB doesn't have that many branches and Sterling can still afford to retain all ETB workers.
ReplyDeletei ALSO HEARD AIG DOESN'T LIKE THE WORD HND YOU MUST BE A FIRST CLASS GRADUATE FROM A FEDERAL UNIVERSITY. IBPLC HAD A BUNCH OF HND GRADUATES IN THE PAY ROLL MORE THAN 75% HE SACKED HAD HND
ReplyDeleteWhen are all these banking wahala going to end. My advice for those in the banking industry is to be on their toes and plan for the future because you don't know if you are going to be the next person.
ReplyDeleteBut on a personal note, i think this is going to be the final phase of the banking reforms. So am expecting a bright future for the bankers as from now on.
for those of yuo who are not in the know, be informed. the 1500 is just a fragment , all inetrens , drivers and also secretaries where asked to go. mind you the only pple affected was intercontinental staff only. access bank introduced a scheme thet called operation just cause stating that intercontinental bank staff will mobilise deposits and will be appraised within a 6 month period only after 2 months they came up and asked pple to go, during this mnth the bank's performance mangemnt was having a hard time capturing pple's achievements and this problem was brought to the notice of the mgt but it fell on deaf ears, anyways they renaged on the 6 mnths period and apparsied after 2 mnths amidst the aforementionmed problems. i tell u the pple sacked where the best cro[p of workers and employer cld eva wish for. access staff compared to this pple are no match. access bank also has the operation just cause target but ironically they are only asked to open accounts with zero balances how hilarious. for those who feel pity thank you, but i must tell u, u will neva see a happier set of pple dat where asked to leave their jobs dan this set of pple, bcos AIG is a beast and the worst employer of all times, access bank staff are like robots who cant think for themselves,AIG all along knew he wasnt going to keep intercontinenetal staff becos they are liberal minded thinkers, he wants zombies. the unfortunate ones left behind where demoted and asked to sign a 3 year fidelity bond that wld tie dem to d bank and they cnt go to anoda organisation within that period or they wld pay a fee to the access bank. the sacked staff are protesting not bcos they wanna cme bck but bcos the clause of 'termination" on their letters is grossly inadequate and he tried to steal the grattuity of qualified staff that was set aside for staff by the old mgt. the proud goat called AIG went ahead and told the remaining staff left that if they want to resign he will pay them, to his utter dismay the number of remaining pple that opted fro this option was alarming, resulting in the inability of alot of branches not opening last week. pple knew they cant work with a draconian mgt. i dnt wanna go into the bogus sale of the bank to access. its a pity dat after the affected workers did a pertition to the presidency nass cbn e.t.c no one has responded to this issue. the problem with AIG is that he thinks he is GOD. he's downfall is near. beacuse customers have started pulling out their funds enmasse since this whole bruhaha started.
ReplyDelete