Zenith Bank Plc is one of Nigerian’s largest Banks with current shareholder base of over one million and the biggest tier1 Bank in Nigeria.
The Bank is ranked as one of the most profitable Bank in Nigeria with profits of : N99.27Billion in 2014, 105.66 Billion in 2015 and 6months profit of 44.67Billion in 2016.
Given the above robust profitability, handsome global rating and the Bank’s international recognition, one would reasonably expect the best labour practices and welfare package for the employees who are the key profit drivers. However, Zenith Bank is the least paying Bank in Nigeria with myriads of anti-labour practices ranging from intimidation of staff, forceful resignation without pay and arbitrary dismissal of workers without due regards to their fundamental human rights.
In August 2016,Zenith Bank slashed worker’s salaries by 30% despite declaring huge profit of 44.67 Billion as at June 30,2016 and also stopped some staff allowances without due consultation as labour act 2004 stipulates.
There’s currently an air of despair and awe among staff members and their morale is low and this may consequently affect their productivity because according to insiders '' they feel neglected and intimidated'' by the Bank they toil day and night to move forward.