herbert wigwe

Mallams in Suit - Access Bank Troubles

By: Joseph Edgar – 3rd May 2020
While you were sleeping, we heard the news from one of the biggest banks in the country that they were laying off outsourced staff and taking a salary cut from the others. The CEO who is high profile also gleefully announced that he would be ‘leading from the front by taking a 40% cut in salaries’ and as such expects a strong level of understanding because its the right thing to do at this time. This decision has been met by wide spread anger. People cannot just understand the rationale behind this decision. 
I reached out to their image maker and he said it was the rational thing to do since business was not doing well. He said they cut the cost of the christmas party, cut cost of the events they were sponsoring and this still was not enough. He further went on to say that at time of their acquisition of another major bank, they did not sack but now they really had no choice. Well the first thing that comes to mind is to question the N40billion profits they recently just gleefully announced.
Why would you make so much money and you still have to struggle to stay afloat to the extent that you have to go to an expense of junior cadre outsourced whose total annual emolument is not even up to the perks and fees of three members of the Board.
I will not say more But let me say this much, what we are seeing here basically is the fact that some of these banks are being run by *Mallams in Suits.

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