Tag Archives: salary

[Nigeria] Access Bank Reveal Plan To Cut Workers’ Salary.

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Access Bank PLC is planning to cut salaries of its workers to prevent job losses as lockdown occasioned by coronavirus has drastically affected its income.

Sources in the bank told Bloomberg that the reductions were expected to start from May unless business conditions improve.

The sources who said they were briefed on the matter during a conference call, said some management staff would get as much as a 40% decrease in their salaries. NobleReporters learnt

A spokesman 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 coincide with the Covid-19 pandemic that has shuttered businesses.

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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 businesses.


#Newsworthy…

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NSCDC speaks on salary deduction [Details]


The Nigeria Security and Civil Defence Corps (NSCDC), has denied allegations that it tampered with the January salaries of its personnel.

The denial is contained in a statement released by the outfit’s spokesman, Mr Emmanuel Okeh, on Sunday in Abuja.

Some personnel of the paramilitary body had accused the NSCDC of pilfering with their salaries following observed shortfalls in the January salaries.


But Okeh, in the statement, stated that the deductions were made by the office of the Accountant-General of the Federation, through the Integrated Personnel and Payroll System (IPPIS).

He explained that the affected employees were overpaid in December 2019 due to a “system error” hence the deductions to recover the over-payment.


He said: “The attention of the corps management has been drawn to diverse allegations of fraud and misappropriation of funds by a number of aggrieved personnel who felt shortchanged due to some deductions in their salary.

“This is coming barely one week after the payment of January salary by the office of the Accountant-General of the Federation, through IPPIS.


“The corps wishes to set the records straight that the business of salary payment is that of the Accountant-General of the Federation, and not the management of the NSCDC.

“It is unfair to accuse the corps leadership of tampering with salary of personnel at a time management is making concerted effort to ensure better welfare packages for the personnel. That has consistently been his priority.


“The deductions were carried out exclusively by IPPIS to recover all funds overpaid by them to some staff in December due to system error.

“Now, IPPIS has deducted the over-payment in full and returned the same to government coffers in January,” he said.


The spokesman cautioned NSCDC personnel against rumor-mongering, urging them to always verify information from the right sources.

“The allegation of fraud and embezzlement of personnel salary is totally unfair, baseless and unfounded and therefore, should be disregarded.

“The deduction is not peculiar to the NSCDC and other paramilitary services. It also affected some core civil servants.

“IPPIS office is open for anyone who may require further clarification,” he said.


#Newsworthy…