Ecobank Terminates Agreement with Recruiting Agencies

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Ecobank Nigeria wednesday denied news making the rounds that it relieved some of its staff of their appointments, saying it only decided not to renew the contract of its third party recruitment agencies which expired recently.

Owing to its refusal to renew the agreement with the outsourcing companies, the bank in a statement signed by its management wednesday, said the category of personnel were sent back to the agencies that engaged them.

The bank further explained that in demonstration of its concern and compassion for the affected personnel of its contractors, “palliative measures were put in place by the bank to cushion the effect on them.”

These it listed to include payment of contract cessation packages of over N500 million, “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 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,” the statement added.