Zenith Bank restructures operations, lays off 66, promotes others

Zenith Bank, one of Nigeria’s largest lenders, has laid off several senior staff members as part of a significant organisational restructuring, inside sources said on Monday.

The reorganisation also included internal promotions and role adjustments, which benefitted mostly junior staff members, an internal memo dated Wednesday, January 15, 2025, seen by The PUNCH revealed.

Although our correspondents could not independently verify the number of affected employees, sources indicated that approximately 66 senior staff members were let go.

The bank cited age and performance issues as the main reasons behind the decision.

In addition to the senior staff layoffs, some junior employees, deemed advanced in age, were also let go. However, tier one offered some of them the option to continue working as contract staff members.

One source claimed that following the restructuring, the bank released a substantial promotion list, which many employees benefited from.

The source also noted that in January, the outfit implemented a significant salary increase, focusing more on lower-level staff, with reduced criteria for promotions and salary increments.

“In the bank’s usual practice, it’s people around age 60—those who are no longer looking young. I know they did this about five years ago, and they did it again this year for people who are aged,” the source said.

“I know a few individuals over 60 who were retired. They were paid heavily. This retirement process happens every four to five years, and those affected know themselves. Even in the civil service, you know that once you reach 60 or above, your time is up,” the source added.

Zenith Bank has yet to issue an official statement regarding the layoffs and restructuring. This shakeup comes amid growing pressure on Nigerian banks to optimise operations in response to evolving industry demands.

As of the time of filing this report, The PUNCH has yet to get any comments from Zenith Bank on the development, as calls went unanswered and text messages were not responded to.