Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Recession: Banks, insurance firms cut workers'salaries

03 September 2016, 20:36

Abuja - Due to the economic crisis facing Nigeria with the country entering into a recession, most money deposit banks and insurance firms have slashed workers' salaries by between 20 to 50%, Punch reports.

Numerous banks such as, Diamond Bank, Heritage Bank, Zenith Bank, First Bank and Wema Bank have reduced employee salaries as of August 31 2016.

Also read: WATCH: Finance Minister says recession is a word

The banks claimed to have made this decision due to workers' inability to meet deposit targets, which have become unreasonably high recently.

Many insurance firms, due to the economic climate, have increased the targets for their marketing firms' department with threats being made that they would not get paid if they failed to reach their newly adjusted targets.

Workers have left their employment in droves with many making alternate plans such as leaving the country to avoid facing the economic consequences of getting the sack by their employers.

For more on this story, visit Punch.

- News 24


Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...