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.