RECESSION: ECOBANK SHUTS 74 BRANCHES IN NIGERIA

LAGOS, Nigeria – The economic recession seems to be showing no sign of abating as some firms have continued to downsize in the quest to remain in operation.

The latest coming from Pan African bank, ECOBANK, which says it has shut 74 branches in Nigeria as part of effort to restructure and reposition the bank.

In a statement, the bank said it is merging the branches as part of effort to take advantage of digital technology.

Analysts are saying that the bank which has recorded losses in recent times may have in the process of this merger sacked at least 740 people in its workforce.