Business
Intercontinental Bank Sacks 1,500 Staff
The atmosphere within the premises of Intercontinental Bank Plc was charged last Friday following the handing of disengagement letters to 1,500 members of its staff nationwide The Tide learnt that the shock and disbelief pervaded the atmosphere of the bank’s branches in Port Harcourt as affected workers received the letters terminating their appointments with just three months basis terminal benefit salary. Reports said most of the affected staff were mangers, executive bankers and senior managers. The bank with about 5,000 work forces has over 300 branches nationwide. Intercontinental Bank has two weeks ago sacked some senior officers from the rank of General Manager, Assistant General Manager, and Deputy General Manager, three months after salaries of workers were slashed down by 30 per cent. An affected staff of the bank who spoke to The Tide in Port Harcourt said he received his letter of disengagement at 4 p.m. Friday, no explanation was given in the letter as to the reason for the sack”, he said. Last Wednesday, the United Bank for Africa (UBA) also sacked 2,000 of its staff. It has been speculated that the Central Bank of Nigeria (CBN) had directed banks in the country to downsize and slash down the salaries of workers, a claim the apex bank governor, Malam Sanusi Lamido had denied in several interviews with newsmen.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.