Zenith Bank Restructures; Sacks 66 Staff, Promotes Others

Zenith Bank, one of Nigeria’s biggest lenders, has promoted 4,165 employees as part of a major restructuring exercise aimed at rewarding performance and optimising its workforce, sources familiar with the matter told The PUNCH.

Further promotions are expected in the coming weeks, pending approval from the Central Bank of Nigeria.

This approval may be related to broader restructuring plans or changes to the bank’s organisation structure, as it is a standard procedure for significant personnel changes within a regulated financial institution.

The promotions, carried out between last Friday and Monday, recognise outstanding contributions while addressing organisational needs.

In January, the tier one lender implemented a significant salary increase, focusing more on lower-level staff, with reduced criteria for promotions and salary increments.

“Employees who demonstrated exceptional performance were elevated. However, as part of the restructuring, staff who did not meet age-related requirements or failed to meet internal performance standards were asked to exit,” an impeccable source at the bank who spoke to our correspondent in confidence due to lack of authorisation, stated.

The source explained that such actions are standard for aligning workforce capacity with corporate goals.

“This is part of an ongoing strategy to improve efficiency and maintain excellence across the bank’s operations,” the source said.

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.

Zenith Bank has yet to issue an official statement, but the restructuring aligns with its long-standing commitment to employee development and operational excellence