JUST IN: Atiku Abubakar’s radio/tv stations fire 46 staff, Access bank reduces its workers’ pay

Onyxnews Nigeria quotes Sahara reporters that the former Nigerian Vice President media organisation named, Gotel Communications, had sacked 46 staff in the organisation.

Gotel Communication is a television and radio broadcast conglomerate transmitting from Yola, capital of Adamawa State.

The affected staff were handed their respective sack letters which was signed by the General Manager of the media organisation, Mohammed El-Yakub on Friday, May 1, being Workers Day.

A copy of the sack letter reads in parts, “The management has decided to discontinue your services with immediate effect.

“Consequently, please be informed that your entitlements including stipend lieu of the notice will be computed and posted into your account with immediate effect.

At the same time, the Access Bank PLC is planning to cut salaries of its workers to prevent job losses as lockdown due to to stop the spread of coronavirus which has drastically affected the bank’s income.

Reports said, the reductions were expected to start from May unless business conditions improve.

Fact checked by this reliable online news platform said that this announcement was made by the MD/CEO of Access Bank during a conference call, stating that some management staff would get as much as a 40% decrease in their salaries.

However, a spokesperson for Lagos-based Access Bank declined to comment.

Nigerian banks are facing the threat of rising bad-debt levels as a crash in oil prices and the risk of a naira devaluation  with the Covid-19 outbreak that has crumbled businesses.

Access Bank, which acquired rival Diamond Bank Plc last year, had 6,898 permanent staff at the end of 2019, according to a presentation on its website.

The acquisition partly contributed to a 31% increase in operating expenses. Personnel, recruitment and training costs account for more than a third of overheads after the deal boosted employee numbers and resulted in “wage harmonization” across the business.