…Discontent among staff now unprecedented
Matthew Don, Washington DC
Management of Nigeria’s tier-2 lender, Fidelity Bank Plc may be desirous of growing the bank but recent developments if ignored may rather be a disincentive, Armadanews.com can reveal.
This Online Newspaper reporter (on transit) had engaged an ex-staff of Fidelity Bank in an informal discussion at the ever busy Heathrow Airport London where it was learnt that tribalism, ethnicism, religious sentiments, staff bullying and favouritism are now the new norms within the banking halls.
The banker who threw in his towel recently simply said: “I could no longer cope with the things I saw in the bank. There is a new trend masterminded by the few selfish staff and I had to resign.”
According to him, these nasty factors have become source of worry to many staff, “though they cannot voice out their feelings.”
“ I am talking because I am no longer there but let me tell you, it is not everybody you see in the banking hall that is happy. Just that they don’t have any other option for now. For me, Nnamdi (the Managing Director), though may mean well, may realise some of his mistakes later, but let it not be too late,” he added.
The source continued: “I spoke with former colleagues last weekend and I heard the worst. He told me that the bank is planning to redeploy many of its staff across departments and regions with the hope of giving out affected persons’ roles to new intakes who are mostly rookies… just to cut cost. Everybody keeps saying it is management decision, why those close to the management who also know the implication decide to keep quiet.
“You can imagine such thing happening within a bank? I heard there are cases where staff were brought back to roles they occupied over five years ago while others were given Greek options that box them to the corners to accept roles or postings that they will begin to learn the ropes while performance appraisal catches up with them.
“Do the people acting these scripts mean well for Fidelity Bank? Is it not a case of sacrifising hard-work, performance, and experience for their selfish interests? What other kind of policy can cause staff discontent within the system other than such?
“As at last two months when I was still with the bank, (though on the Island ), but I heard that the Ikeja Regional Operations Services manager (I can’t remember that man’s name) was busy aiding the sack and redeployment of many of his junior staff. Before now, in Fidelity Bank no one that occupied such position stayed more than two years before migrating to sales or marketing but because that man is scared of taking such roles, he resorted to every approach to give away his subordinates to retain his seat.
“Okay, there is no problem in cutting cost but the bank has to realise it is still top-heavy. For instance, what is the sense in taking the jobs of say five hard working staff whether core or contract whose aggregate salaries may not be up to half of that of one Deputy Manager whose appraisal is dependent on the performance of the five people?”
Armadanews.com has however learnt from another top source that the Nnamdi Okonkwo-led management of Fidelity Bank Plc is poised to quell this ugly development.
Our findings indicate that Fidelity is undoubtedly among the fastest growing commercial banks in Nigeria today, and that the bank’s hardworking staff were jealously admired in the banking industry as they have helped the bank earn itself a reputation for quick service and SME banking.
Fidelity Bank Plc came into existence in 1987 and was incorporated in 1988 and ever since it has grown in leaps and bounds.
Regardless, currently, the bank staff are among the least paid bankers in Nigeria, according tonigerianinfopedia.com
In its third-quarter (Q3) period ended September 30, 2018, Fidelity Bank recorded a gross earnings of N139.001 billion as against N130.086 billion in Q3 2017, up by 6.9 percent year-on-year (YoY) while its net interest income also moved up by 8.1 percent to N58.168 billion in Q3 2018 as against N53.805 billion in Q3 2017.
The bank’s Profit Before Tax increased by 23.6 percent YoY from N16.236 billion in Q3 2017 to N20.064 billion in Q3 2018. Its balance sheet snapshot reflected that its shareholders’ funds declined by -5.4 percent while its total assets moved up by 21.9 percent.
Three years ago (2015), Ventures Africa and Jobberman adjudged Fidelity Bank the best bank to work for in Nigeria.
Then, Fidelity led all other banks in the country in all the measuring indices. The study was conducted by Venture Africa, an online platform for news and analysis about African businesses, in conjunction with, Nigeria’s leading employment website, Jobberman.
The report, then tagged: “Top 100 companies for Nigerian millennials,” surveyed young Nigerians born between 1982 and 2003 and measured company culture, dream-company, staff welfare, gender equality, government institution, company’s prestige, salary, and non-salary benefits.
It also looked at the level of satisfaction, salary consideration, level of contentment, career growth, concerns outside work and work-life balance among others.