Former Afribank offers voluntary exit option to workers

Mainstreet Bank, former Afribank, on Thursday gave an option of voluntary disengagement to some of its workers who have spent between two and three decades.

The News Agency of Nigeria (NAN) reports that the “soft landing” for the ageing workers is part of the reform package of the bank.

The bank declined to disclose the details of the severance packages, but NAN learnt that they include mouthwatering financial packages and pension.

NAN learnt that the ageing workers, estimated at about 65 per cent of the staff strength of the bank, are considered a barrier to the challenges of modern banking.

Under the bank’s new internal reform, sources said that the bank would scale down the scope of its operation.

A statement later issued by the bank, confirmed the development and said that the reorganisation is to build a more competitive institution.

It quoted Faith Tuedor-Matthews, the Group Managing Director, as saying that the decision to overhaul the operation is a result of numerous discussions.

“We decided that it will be in the best interest of the bank to embark upon a re-organisation of its human and capital resources.

“The aim of the re-organisation is to improve and promote the efficiency, growth, stability and competitiveness of the bank.

“The exercise will entail the promotion of some employees and provide opportunity for some of them to elect to voluntarily disengage from the employment of the bank,” Ms. Tuedor-Matthews said.

NAN recalls that the Mainstreet Bank is one of the three banks that were nationalised by the Federal Government on Sept. 31, 2010.

The bank was nationalised due to financial insolvency.


Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie - +2347088095401

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.