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Published On: Wed, Jul 23rd, 2014

Unity Bank sacks 190 staff nationwide

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unity bankBy Etuka Sunday

Unity Bank Plc yesterday announced the disengagement of 190 staff including top senior managers who are indebted to the bank due to the nature of their work, a source has disclosed.

The source who wants to remain anonymous said most of the sacked senior managers ran into liabilities because of the money they lend out to customers that were not paid back as intended.

The source added that even the ones that were due for leave pleaded the bank for it to be monitised but the bank refused, therefore, all the senior managers who accepted to go on compulsory leave wasted almost N15 million instead of using vacation days buy-out to settle their liabilities, since they weren’t strategic enough to quit. The implication according to the source is that, “they would be leaving with at least N20 million to 30 million debt in pro-rated prepaid allowances as well as share loan hanging on their heads-worthless shares with only 50% of their value and which nobody is buying. Imagine what the interest rate per month will be? Unity bank has effectively ruined them economically,” the said. Meanwhile, when contacted, the bank said it only disengaged over 170 staff and have also recruited over 300 new staff, mostly at entry level and experienced hires.

The bank said the exercise was in a bid to Right Size its workforce and position the Bank for sustainable quality banking services across its entire branch network.

“The development of the Bank’s Human Resource is one of the key areas identified as part of the objectives that the Bank’s just concluded Capital Raising exercise will address.”

According to the Executive Director, Secretariat & Services, Mrs. Aisha Abraham, “our people are our greatest assets; we consistently strive for training and rejuvenation of our workforce – constantly introducing a steady mix of promising young talents and experienced professionals. Our goal is to be able to offer quality services to our customers through a team of dedicated and resourceful staff at all times.” The quest for this has led the Bank to carry out structural and personnel realignments with decision making and service delivery processes running along Strategic Business Units, a highly effective model that is business focused, leading to specialization, better understanding of the market and responsibility accounting. This is a deviation from the traditional geographic business unit structure and is one of the changes the Bank has adopted to ensure that it has a 360-degree view of the market and proffer solutions that fit its vision.

Mrs. Abraham also disclosed that the Bank is driven by the Vision to be The Retail Bank of Choice in the Nigerian Banking Industry. With 240 branches spread across the country and Nigeria’s 7th largest bank by business locations, Unity Bank is one of the largest employers of labour in Nigeria and a major contributor to its gross domestic product (GDPs).

Unity Bank had also recently declared a Pre-Tax profit of N7.9bn representing an over 81% increase in its half year unaudited accounts compared to the same period in 2013.



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