Unity bank sacks 215 workers

Unity Bank Plc allegedly sacked 215 of its employees yesterday due to their inability to cope with the new ideas and strategy of the company. According to a source close to the bank, about 200 new hires were said to have been recruited by the bank to promote the transformation initiative hat was initiated by the management within the past year.

The source also told Vanguard that about 100 other staff members were said to have been promoted recently.
 

The source also said:
"Some members of staff numbering about 215 have been allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy. However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the bank’s policy".
Vanguard cc famousblogng

A tale to tell: Nigeria in its worst recession in so many years

“I was dumbfounded to see this place I have put so much investment in gone before my eyes in the space of a few minutes,” says Ada Osakwe, founder of The Nuli Juice Company, who opened her flagship store just two months ago. The owners of these businesses later learnt from the authorities that their landlord had been served with notices stating that the properties violated zoning laws. Osakwe explained that she had obtained permits from the state government to serve food at her juice bar and café before opening her doors in June, and was not informed when she did so of any zoning problem with the property on which she had paid a year’s rent in advance.

Two days later, the state government announced it was removing "unplanned commercial centres" and “roadside restaurants” that have “distorted” government planning. “This is an . . . ongoing operation to sanitise the environment,” said the press release.The failure to serve notice to the tenants themselves led to fury on social media and a wave of support for the afflicted businesses. Uber Lagos added an option to its app to allow its customers to order juice deliveries direct from Osakwe. 30 staff face an uncertain future as their employers grapple with the costs of starting anew. Amid its worst economic crisis in generations, Nigeria can ill-afford to squander jobs. Official statistics released last month found that in the second quarter of this year 49.5 per cent of the youth workforce was “unemployed or underemployed”. Osakwe says she employed eight young people who earn 2.5 times the minimum wage. In Abuja, the capital, government is carrying out a similar campaign to remove illegal structures. Last week, it spray-painted 24-hour demolition notices on several businesses. Muna Okam, owner of Chloe’s , wrote on Instagram: “We’ve been in this building doing business for five years and you give us 24 hours notice at almost the close of business for demolition . . . how much more are entrepreneurs supposed to take?”The idea that gov't is one of the hurdles that ambitious young people must clear would no doubt be an affront to Buhari’s administration, which convened a “demo day” to promote entrepreneurs.