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Covid-19 in Nigeria

COVID-19: Access Bank To Lay Off 75% Of Its Staff – MD Herbert Wigwe



One of Nigeria’s leading banks Access Banks Nigeria Plc is set to lay some of its staff off over what it described as the outcome of the COVID-19 lockdown.

This was made known by Mr. Herbert Wigwe, the group managing director of Access Bank, during a video conference in a town hall meeting with the bank’s staff.

According to him, those affected by the mass retrenchment are 75% of the bank’s staff, most of whom are outsourced and are offering “non-essential services.”

“We probably don’t need as many securitymen as required, even to the fact that we are not gonna have all our branches open between now and December. We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etcetera, etcetera,” Mr. Wigwe said.

“The second has to do with our professional cost. Now that is one that is very tricky and it is tricky because I do understand and appreciate that its gonna, you know, bring its own pain to staff. We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost.

“I will be the first to take the hit and I’m gonna take the largest pay cut, which would be as much as 40 percent. The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”

More so, he noted that the proposed measures are aimed at keeping the bank afloat in the face of the economic realities of COVID-19.

Mr. Herbert Wigwe, is one of the principal conveners of CA-COVID, a coalition of Nigeria’s private sector against COVID-19.