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Why Ecobank didn’t renew contract of its third-party recruitment agencies

Fresh details have emerged on why Ecobank Nigeria decided not to renew the contract of its third-party recruitment agencies which expired recently.
In a statement issued as reports of sack and un-ceremonial disengagement some staff went viral, the bank said contrary to reports that some of its employees were sacked, Ecobank management only ended its third party contracts so as to “return this category of personnel back to the agencies who are their employers.”
Ecobank further averred that “As a demonstration of the bank’s concern and compassion for the affected personnel of our contractors, palliative measures were put in place by the bank to cushion the effect on them.
“These include payment of contract cessation packages of over half a billion naira already paid through their employers as well as opportunity given to those with requisite qualification to apply to the bank for permanent employment.
“In addition, the bank has offered them the opportunity to become Xpress point agents of Ecobank as a way of further providing them entrepreneurial and financial empowerment. May we state that Ecobank is not obligated to renew its contract with the service providers involved?”