Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December.
According to Investigations carried out by the News Agency of Nigeria (NAN) and indications are that more workers are penciled for sack.
A top management source in the bank, who pleaded anonymity, told the agency that the sack which cut across the top, middle and low cadres was creating apprehension and fears among the remaining workers, especially workers from the former Enterprise Bank.
He said that workers from the former Enterprise Bank were the most affected in the ongoing restructuring exercise embarked on to improve the bank’s profitability.
The report said the bank embarked on the massive sack in spite of the Minister of Labour, Dr Chris Ngige’s directive to financial institutions to desist from the sacking spree.
Reacting to the news of the sack, Mr Fela Ibidapo, the bank’s Head of Corporate Communications, however, said that the figures being quoted were not correct.
Ibidapo said that the mass sack was not limited to the bank as it cut across all operators in the industry.
There have been media reports of the bank’s financial instability which the bank denied.
