The novel Coronavirus has been a nightmare for the world at large. And the public needs no briefing about the effect of this outbreak to the world's economy. From the top financial analyst the layman have all experienced first hand the financial effect of the covid19.
Price skyrocket and Country's reserves depleted due to cessation of trades during this time.
Only a few weeks ago we recorded an all time low of crude oil as it plunges 321% to negative $37.
This has been predicted to have a major effect on the economy of Nigeria in the near future.
Companies all over the world and in Nigeria are beginning to adjust to the circumstances at any cost, by furloughing or laying off workers.
One of the companies that recently laid off its workers is Access Bank and it has heavily come under serious criticism from the general public.
The chairperson, Herbert Wigwe had said that up to 75% of the company's workforce will be laid off and that it's workers will take a pay cut.
"I will be the first to take the hit and I'm going take the largest pay cut, which would be as much as 40%". He said.
This has so far been met with mixed reactions.
A high ranking member of the People's Democratic Party took to his social media account to call out the GMD of the bank for pawning his staff to please the heavily criticized government regime.
"you gave 1 billion naira to the government to fight covid19 and the next day you sack hundreds of your loyal staff….."
The decision to lay off staff offended the general public more because the alleged money given to the government for the fight against Covid19 haven't benefited the citizens as they are yet to receive any relief fund.
And they are not happy that the bank laid off people with family to feed to please a fraudulent government.
A random internet user highlighted the physiological effects of this actions on students by citing that Access Bank paid a celebrity musician 10 million to make a scream and laid of staff who graduated with 1st class that were being paid 75 000, he wrote:
" Access Bank will hire Zlatan and pay him 10 Million just to come and scream "Ayiiiiiiiiiiiii" but then sack staff who graduated from tough Universities with First Class, staff that they were paying 75k. Let me hear anybody tell me that Education is the key again ? "
Will the Company make a u-turn concerning this decision, we are yet to see how they react to this.