Posted by By Omoh Gabriel, Business Editor on
UNION Bank Plc yesterday sacked 543 of its employees in a major shake up announced by the board as Group Managing Director, Mr. Godwin Oboh, hands over to Mr Ebong next week.
LAGOS - UNION Bank Plc yesterday sacked 543 of its employees in a major shake up announced by the board as Group Managing Director, Mr. Godwin Oboh, hands over to Mr Ebong next week. Four of the bank's executive directors, three deputy general managers, AGMs, Principal Managers and Senior Managers were affected by the shake up. The affected executive directors are Mr. Akin Ishola, Mr. Lai Alabi, Mallam Ballama Manu and Mr. Mike Okonkwo.
The bank, which is being restructured to meet the challenges of post consolidation, is doing away with old hands from the board and management while injecting new blood into the system. It also announced the appointment of five new executive directors to replace those removed. The appointment of the new executive directors is, however, subject to CBN's confirmation.
The new executive directors are Dr. Kenneth Adeyemi, Mr. Ebenezer Emeruem, and Mr. Anthony Esangbedo. Others are Mr. Samuel Ayininuola, Managing Director/Chief Executive of Consolidated Discounts Limited and Mr. Walter Mbah, Managing Director of Union Bank UK Plc. The exercise also involved the elevation of Assistant General Managers to Deputy General Managers, Principal Managers to Assistant General Managers and Senior Managers to Principal Managers.
The Board of Directors of the bank at its Monday meeting said the retirement was necessitated by the bank's readiness to set the pace in the face of stiff competition posed by the new banking environment.
In the same vein, the board appointed five new executive directors to fill the vacancies created by the retirement of the executive directors. Those appointed are from the ranks of the bank's Deputy General Managers who were found to be well-tested and experienced to meet the challenges of today's banking.
The sacked staff would be offered generous incentives in line with the bank's policy of disengagement. In addition, all those who are pensionable would enjoy their pensions immediately, while those who are not qualified would have to wait until they are of pensionable age.
Meanwhile, the bank has recruited 550 fresh hands into the system. The new hands would be trained and blended to prepare them for the post-consolidation challenges.
Consolidation of the bank is said to be on course with the three acquired banks being integrated into the bank's accounting system on the robust flexcube software so that all customers will be in position to transact their businesses in all the over 400 branches of the Bank.
In this regard, 823 employees of the erstwhile Universal Trust Bank, Broad Bank and Union Merchant Bank have been offered employment to boost the bank's profile and reinvigorate the workforce.