Cessation of Contract Engagement of Vendor Managed Personnel

Ecobank Nigeria did not disengage its staff. The bank decided not to renew the contract of its third party recruitment agencies which expired recently and as such returned this category of personnel back to these agencies who are their employers.

As a demonstration of the Bank’s concern and compassion for the affected personnel of our contractors, palliative measures were put in place by the Bank to cushion the effect on them: These include payment of contract cessation packages of over half a billion Naira already paid through their employers as well as opportunity given to those with requisite qualification to apply to the Bank for permanent employment.

In addition, the Bank has offered them the opportunity to become Xpress point agents of Ecobank as a way of further providing them entrepreneurial and financial empowerment.

May we state that Ecobank is not obligated to renew its contract with the service providers involved.

As part of the Bank’s business strategy, the bank is investing in the employment of full time graduates and as such over 300 graduates are currently undergoing training at the Bank’s state of the art Academy which was recently accredited by the Chartered Institute of Bankers of Nigeria. They are to be absorbed into the system at the end their training as permanent staff.

The Bank would continue to align its people composition, development, recognition and rewards to position us as best practice service model in the industry, delivering superior customer service and experience across our network