Heritage Bank has embarked on mass retrenchment of its workers with over 400 staff sacked in December.
According to our findings, it was indicated that more workers are penciled for sack.
The bank, in October 2014, acquired Enterprise Bank with about N56 billion (281 million dollars).
A top management source in the bank, who pleaded anonymity, said that the sack cut across the top, middle and low cadres.
He said that the mass sack was creating apprehension and fears among the remaining workers
The source said that the remaining workers, especially workers from the former Enterprise Bank, feared they could be disengaged anytime.
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 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.
Mr. Fela Ibidapo, the bank’s Head of Corporate Communications, however, denied that the figures were not correct. He said that the mass sack was not limited to the bank as it cut across all operators in the industry.
Recall, in late 2016 there were the bank may run into serious financial crises that may render it unable to meet its obligations as a deposit money bank unless something drastic happens to salvage the situation.
The Central Bank of Nigeria (CBN) had in 2016 banned Heritage bank from the foreign exchange market.
Also, the bank was also enmeshed in serious financial mess following the discovery by the new management of Nigerian Ports Authority, NPA, that a whooping $24.1million (N9.399 billion) belonging to the maritime agency was lodged with the bank but kept away from the new management.
A source close to the NPA management at the time said the agency has shown sufficient proof that it has the $24.1million in the bank, but expresses surprise that a bank could claim ignorance of a princely $24.1 million hidden from the management.
More disturbing in the Heritage Bank saga is the reported confession by the bank that it stands the risk of going under should the NPA insisted on refund of the $24.1 million.
Close sources in the bank disclose to us that the bank will go under if it is made to return the money.
This medium also learnt, large number of customers of the bank are growing worrying all the time and could storm various branches of the bank base on this worrying situation and withdraw their monies, as they believe is just a matter of time before CBN finally wave their axe.
Our findings reveal that the banks continuously show similar characteristic as the rescued Skye bank, thus it is just a matter of time before the necessary steps are taken by the authority concern. Insiders have revealed that there are several undercutting within the system and its just a matter of time before the Central Bank of Nigeria revokes its licence.
Recall, the bank was formerly Societe Generale Bank owned by the Saraki dynasty. A case of show me your friend and I know who you are.
There have been media reports of the bank’s financial instability which the bank denied.

Gini