Zenith Bank Lays Off 66 Senior Staff in Major Restructuring, Promotes Junior Employees
By Okafor Joseph Afam, January 23, 2025
Zenith Bank, one of Nigeria’s largest lenders, has recently undergone a major organisational restructuring, which resulted in the layoff of several senior staff members. Inside sources confirmed to The PUNCH that approximately 66 senior employees were let go as part of the shakeup, though the bank has not officially verified these figures.
The restructuring, which was formalised in an internal memo dated Wednesday, January 15, 2025, also saw the promotion of several junior staff, with many employees benefiting from role adjustments. This move is part of an ongoing effort by the bank to streamline operations and adapt to the evolving financial landscape.
Sources close to the matter indicated that the decision to lay off employees stemmed largely from age and performance-related issues. In particular, employees aged around 60 and above were affected by the restructuring, with some being offered the option to continue as contract staff. This is not the first time the bank has implemented such a strategy; similar actions were taken five years ago.
In addition to the layoffs, the bank introduced a significant salary increase in January, which mostly benefitted lower-level employees. The bank reportedly reduced the criteria for promotions and salary increments, enabling a broader group of staff to benefit from the changes.
According to one insider, the bank typically targets employees nearing retirement age, especially those aged 60 and above, as part of its periodic restructuring. “This retirement process happens every four to five years, and those affected are well aware,” the source stated. “It’s a common practice, even in the civil service. Once you hit 60, it’s understood that your time is up.”
Despite multiple attempts by The PUNCH to reach Zenith Bank for an official statement, the bank has yet to comment on the restructuring or the layoffs. The decision comes amid increasing pressure on Nigerian banks to enhance efficiency and optimise operations in response to market demands.
As of the time of filing this report, the bank had not responded to calls or text messages seeking clarification on the matter.
