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Ecobank Sacks 50 Top Managers

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Ecobank

Ecobank Nigeria has sacked about 50 senior managers as part of its cost-cutting measures amid a challenging business environment.

The top officials laid off by the pan-African lender include general managers, deputy general managers and assistant general managers, sources within the bank told our correspondent on Wednesday.

The banking industry has been battered by the nation’s lingering foreign exchange crisis occasioned by the plunge in the global crude oil prices.

Nigeria derives over 90 per cent of its forex from the sale of crude oil. And the banking sector and the economy have taken a beating from the sharp decline in the oil prices.

Banks’ 2015 full year results are expected to show a major decline in earnings.

A top official of Ecobank said the move was part of a “corporate alignment strategy of the bank.”

The lender recently got a new group managing director and a chairman of board of directors.

“We are top heavy and this decision is just part of the bank’s corporate realignment strategy,” the bank official told our correspondent.

A statement by Ecobank confirming the layoff said the affected officials had performed below the company’s expectation.

The lender said while over 300 staff members were promoted, a few officials that had low performance were “exited.”

The statement quoted the Deputy Managing Director, Ecobank, Mr. Anthony Okpanachi, as saying, “The management of Ecobank Nigeria Limited has announced the recent promotion of about 300 top performing workers.

“The promotion exercise, which affected about 10 per cent of the employees, is in line with the bank’s commitment to recognising and rewarding excellence and exceptional performance. The promoted workers cut across all cadres of the workforce. Also, few staff members that performed below expectation have been exited.”

Okpanachi said the affected staff members were selected through an appraisal exercise conducted using an in-house performance management system, which used both financial and non-financial metrics to categorise workers.

He noted that “the performance parameter used to determine the performance of those promoted also revealed the underperformance of the disengaged workers.”

Ecobank Nigeria is part of the Ecobank Group represented in 36 African countries. The group employs nearly 19,000 people from 40 different countries in over 1,200 branches and offices.

Punch

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

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Unilever Nigeria Plc

Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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