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Diamond Bank reportedly sacks over 400 staff, ‘refuses’ to pay entitlements

By on July 21, 2016

Diamond Bank has been accused of sacking over 400 of its workers in a manner that contravenes the provisions of redundancy as specified by section 20 of the Labour Act as well as other regulations, standards and best practices.

According to a DAILY POST report, the sacking of the workers, who have worked for the financial institution for periods ranging from one to 20 years and were on May 27, 2016 informed of their dismissal by e-mail, was said to be followed by the unilateral deduction of supposedly long term loans from their bank accounts.

In the letter, the solicitors requested the bank “to commence redundancy negotiations immediately and to reverse the scandalous and unilateral deductions from the bank accounts of the said over 400 staff of the bank in the wake of the sudden mass termination of the employments.”

Denying the allegations however, Diamond Bank replied the attorneys to the sacked workers thus: “Please be Informed that there was no disengagement of staff of Diamond Bank Plc as a result of redundancy and as such your claims on the subject is unfounded,” adding that “this is the Bank’s final position on this matter.”

Meanwhile, the retrenched workers, have through their solicitors, also written to the Minister of Labour and Employment, Dr. Chris Ngige, requesting him to direct the management of Diamond Bank to pay compulsory redundancy allowances to the  over 400 sacked staff, pointing out that the bank has refused to pay the allowances despite a formal request made to it.

This letter was copied to the Central Bank of Nigeria, CBN, Governor, Executive Secretary of the National Human Rights Commission, the President of the Nigeria Labour Congress and others.







  1. Dolapo

    July 25, 2016 at 10:47 am

    Diamond bank in the news yet again and still no reponse from the authorities. Is there a conspiracy here…? I just wonder

  2. shrine

    July 25, 2016 at 10:48 am

    It’s so disappointing that a bank like Diamond Bank would act like these without considering it’s international reputation. Pls pay dem their entitlements.

  3. baby sweet

    July 25, 2016 at 10:50 am

    this is quite disheartening.the management should put theirself in this exstaff’s shoes.i mean,top management staff cannot be asked to quite and go home with nothing. the local and international community should intervene on this unfair,ill mannered and slave labour practice. The bank is capable but doing dis out of wickedness ex staff earnestly await justice

  4. Sunshine

    July 25, 2016 at 10:52 am

    The bank should provide records proving beyond reasonable doubt that the said exited staff had appraisal scores lower than the bank’s score card. Maybe they plan on doctoring the scores to match their trumped up claims. HCM you have staff records, any attempt to doctor or falsify Staff records would be mete with litigation as we have records of our appraisals.

  5. TITAN

    July 25, 2016 at 10:58 am

    The bank should be taken to court. Period. This is unimaginable and rascality of the highest order. Just read their response. If they weren’t sacked on the grounds of redundancy as their letter purports then why were they sacked? Was it on business exigencies?

  6. Nzesinachi

    July 25, 2016 at 11:00 am

    Please can anyone distinguish between redundancy and restructure?

  7. Nzesinachi

    July 25, 2016 at 11:05 am

    Maybe I should answer my question.
    Restructure is achieved when an entity decides to reposition, rearrange, realign, demolish and reassemble its original edifice for the purpose of being in line with the present day trend.

  8. jeremiah Obiagu

    July 25, 2016 at 11:12 am

    This getting serious. Every paper I turn to this Diamond bank and it’s ex-staffs issues is a burner. This negative publicity is not in my banks interest. I feel for you guys because same faith awaits us. This is the reason why cases of fraud and insider abuse is very high in Diamond Bank. A pity really. It was nott like this before.

  9. Ademola Adeniyi

    July 25, 2016 at 11:20 am

    The management of the Bank needs to sit up and do the right thing if it dosent want stakeholders to lose faitn in d Bank. My one cent

  10. Anonymous

    July 25, 2016 at 11:25 am

    How come on the Business section of major newspapers, i come across similar posts. Diamond Bank vs its workers. I think its time CBN intervened on the issue on ground

  11. Amnotalone

    July 25, 2016 at 11:26 am

    This is cruel. Banks are supposed to uphold integrity. If they start acting like this then it leaves alot of worry.
    Were are the govt bodies that are supposed to check these practices by the bank and bring them to order.
    Injustice is trying to take its place in our dear country. The earlier we say no to it the better for all of us.
    #injustice to one Nigeria is injustice to all. Say no to injustice by Diamond bank plc.

  12. Bj

    July 25, 2016 at 11:30 am

    Diamond Bank is d only Bank that will sack you and rather than pay you severance. They will debit your account, book it as a loan and expect you to pay. Isnt that callous? Exactly what they did to me.

  13. Loveth

    July 25, 2016 at 11:35 am

    Diamond bank u will never go scott free,

  14. Loveth

    July 25, 2016 at 11:35 am

    This face off between diamond bank and the sacked staff is becoming embarrassing,save ur face DB and pay up this guy’s ‘re really out for you this time.
    The world is a global world ,search for DB online online the negative news more than d good news.this is serious.
    #Diamondbankpayyoursacked staff#.

  15. ceo

    July 25, 2016 at 11:39 am

    The bank should do the needful by negotiating with its ex staffs
    Failing to do this will amount to inviting anarchy on the bank

  16. Ol

    July 25, 2016 at 11:45 am

    I really wonder why the labor ministry and CBN are still keeping mum over this issue. Could there be a conspiracy between the bank on the one hand, and the regulator(CBN) and labor ministry on the other hand? Diamond bank by that response has clearly made her position as corporate organization without human face public. This is nothing but criminal for the bank to say that is their final position over such a sensitive issue. Do we always have to wait for things to degenerate so badly before doing the right thing.


    July 25, 2016 at 12:32 pm

    At every turn on our national dailies and on most social media sites is Diamond bank against its over 400 sacked staff. One begins to wonder if the Bank thrives on negative publicity now or is simply waiting and watching for its regulators to step in to direct it on what needs to be done. The handwritting on the wall is clear, quickly restore your image or risk shutting down/take over.

  18. Ife balogun

    July 25, 2016 at 12:53 pm

    Either by downsizing or rightsizing diamond bank layed us off, by random donation. This is the gospel truth. Everyone of us were locked out of the systems on that beautiful day we celebrate children; 27th May, Sent us termination letters, compelled us to come back to the branches to submit resignation letters so it appears we resigned ourselves, debited our accounts for allowances paid in january already used up such as house rent and medical allowance etc, making us debtors. Not bad enough, they have refused to pay our severance to enable us start up with something. Even tarnishing our reputation saying we did not perform well. We have good records of appraisals, please bring up the proofs. Well meaning nigerians, govt, private, religious reps we calling on you to kindly preach to diamond bank mgt to pay our severance. God bless us all.

  19. U P

    July 25, 2016 at 12:54 pm

    Are there two DIAMOND BANK PLCs in Nigeria? Because the one I know is bigger than this rubbish going on the media houses. Somebody/group of people must be advicing the management wrongly. If other banks can pay entitlements while Diamond refuses to pay, the general public are definitely going to perceive it as a negative signal.