Why we sacked 400 staff – Heritage Bank

Heritage Bank MD, Ifie Sekibo

Heritage Bank Plc has confirmed the disengagement of some of its workers, saying it is part of efforts geared towards greater efficiency and resource optimisation in line with its growth and industry innovative agenda.

The bank did not disclose the number of those affected but multiple media reports indicate that at least 400 were sacked.

According to a statement from the bank, the restructuring processes was to up scale the institution’s activities in the strategic sectors of the economy as well as concentrating on and deploying its expertise and competences to specific business areas where it enjoys comparative business advantage.

It hinted that the recent restructuring came after a review of senior staff bench strength and industry standards and realigned certain roles bank wide and those who were affected by the exercise were adequately compensated.

The bank also disclosed the elevation of some members of its workforce with higher responsibilities, which is in line with its on-going determination to reposition.

“There is no doubt that the banking industry like every other sector in the country is going through rough times occasioned by the downward trend in the economy, hence the move was part of the bank’s strategic plan to keep a vibrant workforce that will enable the bank achieve its vision of being the Nigerian most innovative banking of choice in service delivery, superior returns to its various stakeholders and as well contribute to the growth of the nation’s economy,” the statement said.

There is apprehension in the bank as more workers are penciled for sack.