The management of Skye Bank Plc has issued a sack letter to top managers of Mainstreet bank which was acquired by Tunde Ayeni’s Skye Bank Plc. Among those sacked were General manger (GM), Deputy General Manger (DGM) and Assistant General Manager (AGM) that are loyal staff to the Managing Director Ms. Faith Tuedor-Matthew of the acquired Mainstreet bank
Also on the list of those asked to go home according to a report from New Telegraph are the General Manager/ Chief Risk Officer of the bank, Mr Kevin Ugwuoke, Deputy General Manager/ Credit Risk Manager, Mr Patrick Modilim, General Manager/Chief Financial Officer, Mr Ebenezer Kolawole and the Head, Human Resources, Salome Garba. Only two top officials in Tuedor-Matthews’ team were spared (AGM in charge of IT and GM in charge of Operations) obviously because of the strategic positions they occupy.
There appears to be panic within the rank and file of the Bank staffs of the safety of their jobs because of the manner in which the disengaged staff were informed that their services were no longer needed. The general fear of most inherited Mainstreet Bank staff is that they would be sacked and not be paid their full entitlements; many of them we gathered had put in over 22 years of service to the bank. Those on the sack list were informed of the termination of their employment through emails.
The staff that were dismissed are not taking the development calmly, they vow to fight back after the general elections, they complained about non-payment of their entitlements.
Meanwhile it has been alleged that Skye Bank has transferred all its bad loans, including Mobitel’s N50 billion that had gone bad, to Mainstreet Bank and moved into its vaults Treasury Bills and cash amounting to N250 billion. Recall Skye Bank led by billionaire Olatunde Ayeni acquired Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON) for a reported fee of N126 billion.
The bank, in December last year, appointed an interim management board for Mainstreet, naming Mrs. Amaka Onwughalu as the interim Managing Director and Mr Dotun Adeniyi Executive Director. It said then that the interim board would oversee the affairs of the acquired bank for a period of six months.
