We reported earlier today that the Group Managing Director of Access Bank Plc, Herbert Wigwe, in a video, hinted that the financial institution would be engaging in mass retrenchment as seventy-five per cent of the bank staff strength are no longer needed.
Wigwe said the planned mass retrenchment of its workforce is due to the outcome of the COVID-19 pandemic and the resultant lockdown.
The MD, who spoke via video conferencing in a town hall meeting with the bank’s staff, expressed his regret. He said those to be affected by the mass retrenchment are 75% of the bank’s staff, most of whom are outsourced and are offering “non-essential services”.
Moments after the development was reported, it became a trending topic on social medi — which means that it has been presented before the citizens court.
Nigerians taking to Twitter, condemned the bank for donating 1 billion naira to the federal government’s COVID-19 fight only to end up making plans to retrench its staff and cut salaries.
See reactions below:
Access Bank Plc recorded a profit after tax of N40.9 billion in the Q1 2020.
They donated 1bn for Covid19. The virus isn’t even over yet. MD don pulled the trigger. Smh
— Poju (@pojugreat) April 30, 2020
With a staff strength of 5,870, the N1billion donated by Access Bank, if shared equally, would amount to N170k/staff
If we assume average salary is as high as N450k/mth, a 35% pay cut amounts to N157k
Why donate N1bn only to recoup more from workers when you have huge reserves? pic.twitter.com/cwlzgcKo2F
— The Revolutionary Seeker (WAEC) (@The_Seeker76) May 1, 2020
Access Bank swallowed Diamond Bank & Intercontinental Bank down here in Nigeria, slashed workers salaries but publicly donated N1B to the Sinzu Govt .
NASS is obviously playing chess with
Nigerians even when they shouldn't
Is there anything like the Nigerian
— I Z U
#BBNaija (@heisizumichaels) May 1, 2020
Access bank donated a huge amount of money to be FG, then went to slash salaries and lay off some staff. They practically robbed Peter to pay Paul, did the FG tell them they didn’t have money? #Chiwawa #TachaXOmashola #MayWithTacha
— iHype Tacha
(@Matilda93908696) May 1, 2020
We all know that our government is hopelessly irresponsible, unapologetically unresponsive & massively rilling in corruption, but, do the big guys in the private sector have to be this inhumane?
The N1B giveaway by Herbert Wigwe's Access Bank was simply to buy govt patronage! https://t.co/44QBC2S1r7
— #TPAC Mazi @FestusGreen
(@FestusGreen) May 1, 2020
Access Bank donated 1 billion to FG.
In the name of fighting Covid19.
Then this month, they cut salaries of employees. In the name of hard times.
Donate money to people that didn’t ask.
Starve people who work for you.
What is the colour of this kind of insensitive wickedness?
(@DrOlufunmilayo) April 30, 2020
Last month, @accessbank_help gave FG N1 billion, money that 95% will be looted.
This month, same bank cut salaries of employees.
— Adetutu Balogun, MBA (@Tutsy22) April 30, 2020
Access Bank gave FG N1bn but cannot pay staff full salary.
75% outsourced staff are likely going to be affected and the full-time staff may have salary slash up to 40% starting with MD himself.
(@ayemojubar) May 1, 2020