Yes, We Sacked Our Staff- Heritage Bank Speaks on Massive Sack, Compensation of 400 Staff

Heritage Bank Plc

We reported on Monday that Heritage Bank Plc has embarked on mass retrenchment of its workers with 400 staff sacked in December, and that investigations by the News Agency of Nigeria (NAN) on indicated that more workers are penciled for sack.

In a statement by signed by it's spokesperson, Fela Ibidapo, the Bank says it is true that it is restructuring its workforce, but it is also “adequately compensating” affected members of staff.

“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,” the bank said.

The bank hinted that the recent restructuring came after it reviewed senior staff bench strength and industry standards, and realigned certain roles bank-wide, adding that it elevated some members of its workforce with higher responsibilities, which is in line with its ongoing determination to re-position.

“The vibrant workforce 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.

“This position is buttressed by the fact that the bank is well-known for supporting small businesses, which is another way of bringing as many small businesses as possible together in a bid to add value to MSME sector of the economy,” Heritabe Bank said.

Speaking further, the bank said it had “deliberately focused on the SME segment in a bid to create a fresh set of vibrant entrepreneurs that will create jobs and distribute wealth in the Nigerian economy because of recent statistics, which indicate high unemployment among the youths that make up a large percentage of the population.”

One of its initiatives in the MSME sector is its partnership with the Central Bank of Nigeria (CBN) and the National Youth Service Corps (NYSC) under the N3billion CBN Youth Innovative Entrepreneurship Development Programme (YIEDP), which is targeted at youth, particularly current National Youth Service Corps members and those within five years of post-service exit.