In a bid to reduce operational costs by all means due to the
effects of the current economic recession, the bank adopted a new operational
structure early last year (2016) resulting in the need for a reduced workforce.
In implementing this, the bank opted for an unlawful means of retrenchment,
deciding to yank off over 300 staff from various grades, even against the
advise of the Honorable Minister of Labour. The affected staff were neither
paid severance nor redundancy benefits, despite the fact that other banks who
carried out similar exercises in the same year paid their affected staff
severance/redundancy benefits. The affected staff have now decided and gone
ahead to institute legal action against diamond bank at the National Industrial
Court of Nigeria, Jos division.
Hearing of the case has been fixed for the 4th of April
2017. It is really worrisome seeing a bank that appears to hold integrity in
high esteem flagrantly disregard labour laws in carrying out such exercise in a
most wicked manner. Hopefully, the outcome of this case will make organizations
operating in the country who hire and fire at will without recourse to the
extant labour laws of the land to start acting responsibly.
