Ecobank - Planning To Close Some Branches...

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It appears some staff of Pan African bank, Ecobank in some African countries may soon lose their jobs as the management of the bank say they are reviewing their expansion strategy following a decline in profits and that they may pull out of some African countries to focus on its most promising markets.

In an interview with Reuters Africa, chairman of the bank, Emmanuel Ikazoboh, said falling global commodity prices that have hit economies in countries such as Nigeria and Ghana have caused a reduction in the banks profit margin.

“The business model whereby we are just expanding and posting our flags (in different countries) has to be reconsidered,” he said Ecobank’s biggest operation is in Nigeria and the bank has said it wants to increase its market share here.

Am sure this should make The Minister of Labour and Employment, Senator Chris Ngige now see that the threat issued to the financial institute over sacking workers is not going tow work. I feel FG should do some works instead of sending threats. Am sure this companies are not happy laying staff off but the situation of the Nation has warranted it..A general economy solution is needed not threat.

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