May Day is celebrated all over the world as a day for Worker’s to be appreciated by the firms that employ them, however 250 staff of Stanbic IBTC were let go by the organization yesterday.
Stanbic IBTC is one of Nigeria’s mid-tier banks, and is owned by South Africa’s Standard Bank Group of Africa. The management of the company has not given any reason for the sack of the employees, however analysts are of the opinion that the bank is terminating workers in order to earn more profits.
The bank earned profits of N10 billion after taxes in 2012. Staff costs for the period were N19.9 billion.
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