Ecobank Nigeria management fired 1040 of its staff

The management of Ecobank Nigeria has fired 1040 of its staff. A source in the bank says the job cut was initially pegged at 1400 but it was reviewed down to 1040. A statement by the bank’s Managing Director, Charles Kie, states that certain jobs in the bank are being streamlined for a reduced number of people to do so as to bring about improved efficiency. The statement in part reads;

“The bank, in its renewed drive for optimal performance, has in addition realigned certain roles bank wide to ensure improved efficiency. This necessitates the exits of some staff who were adequately compensated. This is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.”he said

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The company was founded by a Ghanaian entrepreneur who pulled together a team of investors comprising a venture fund, two local banks, an insurance company and three other individuals to provide the start-up equity. The founder, Mr. Seth K. Dei initially held 15% of the shares and was for eleven years the Chief Executive of the company before retiring in March 2005.
The shareholding of the company has evolved over the years. Ghana Venture Capital Fund, which initially held 20% of the shares came to term and sold out in August 2003. In December 2004, another investment fund Aureos West Africa Fund bought into the company to take a 51.28% stake, pushing the founding shareholders into minority position. Some shareholders exercised their share warrants in September, 2006 which brought the Aureos holding to 48.06.
In August 2007, Aureos West Africa Fund and Ecobank Ghana Limited, holding between them 59.05% shares, sold their shares to C & I Leasing Plc, Nigeria. Aureos West Africa Fund subsequently bought out other shareholders totalling 17.58%. Aureos West Africa Fund sold their shares of 17.58% to C & I Leasing Plc in March 2012. In June 2014 West Africa Emerging Markets Growth Fund bought shares.
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FUNDING???
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For more details on our products and services, please feel free to visit us at Fleet Management, Staff Busing

ecobank-mobilemoney
By soki2ng on 2013-06-01 16:05:19
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