Nigerian banks are sacking workers

Posted by Felix Okoli on Wednesday September 14, 2016 at 17:59:41:

One of the things I've noticed lately as I visit the bank as a bank customer in Nigeria is that a lot of banks are sacking their workers. Some staff have been replaced, some departments have been shut down and there are less staff at the bank.

If in the past you used to see about 5 tellers attending to customers, now we tend to see about 2 or 3 and they are mostly new faces who would probably be paid less.

If you were not in Nigeria and probably listening to or reading about Nigerian news on how banks are struggling under the bad economy by sacking workers, you might say it has always been the case since the 1990s but I have to say that this time it seems really different. Some bank workers that I know are actually complaining that their salaries have been reduced and there seem to be many jobless and well dressed people moving about in Lagos Nigeria. Some of those people used to be so busy but lately, they seem to be looking for jobs and it seems no one is hiring.

A visit to many branches of banks in Nigeria would show one that the bank employees are no longer as much in number as they used to. Some offices/sections seem to be have been abandoned and they are just fewer employees at the bank. Call it signs of the times and you're right. I think these recent changes in Nigeria's banking industry should make account holders know that the economy is not doing well and some banks may collapse in the future.

If Nigerian banks were doing well, they would have enough funds to expand rather than contract to save costs.