Heritage Bank Sacks 400 Staff


Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December.

According to the investigations allegedly carried out by the News Agency of Nigeria on Monday, more workers of the financial institution have been penciled for sack this new year to improve the bank’s profitability.

A top management source in the bank, who pleaded anonymity, said the sack cut across the top, middle and low cadres adding that this situation has been creating apprehension and fears among the remaining workers

The remaining workers, especially workers from the former Enterprise Bank, feared they could be disengaged anytime as their other colleagues have been the most affected, the source stated further.

The mass sack is coming after a widely circulated directive from the Minister of Labour, Dr Chris Ngige compelling financial institutions from retrenching workers due to the economic crisis the country is facing.

Meanwhile in a reaction by the lender, Mr Fela Ibidapo, the Head of Corporate Communications for Heritage Bank said the figures being circulated in the media is false.

According to him, the mass sack is not peculiar to the bank as it cut across all operators in the industry.