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Unity Bank sacks over 200 employees, rejects recession claims

At least 215 employees of Unity Bank were disengaged. The bank cited inability to cope with “new ideas and strategy of the institution” as one of reasons

At least 215 employees of Unity Bank Plc were, on Thursday, shown the way out.

The bank cited several reasons for the disengagement including inability to cope with “new ideas and strategy of the institution.”

Other reasons given by the bank is “reengineering strategy for greater performance.”

The bank discarded insinuations that the sack of the workers is not unconnected with the economic recession strangulating the economy.

A source close to the bank said “about 200 new hires were said to have been recruited by the Bank to drive the transformation initiative began by the Management in the last one year.

“About 100 other staff were said to have been promoted recently.

“Meanwhile, some members of staff numbering about 215 have been allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy.

“However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the bank’s policy.”

The bank is said to have made significant strides in its repositioning drive with the attraction of specialist skills to its workforce since the relocation of its head office from Abuja to Lagos in sync with its plan to grow market share in viable clusters of the retail market.

This is with a view to injecting fresh ideas, initiatives and energies to strengthen the various departments of the bank with capabilities to pursue the attainment of strategic business focus in the Agricultural financing, retail/SMEs and development of rural economy.

The source told Vanguard that the new focus of the bank’s business has led to significant enhancement of human capital in its various business units.

Commenting on this development, industry source asserted that the exercise carried out by the bank was part of the hard choices that forward-looking organisations desiring optimum performance had to take from time to time to enable it deliver consistently on shareholders expectations.


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