Sacked Heritage Bank workers ‘adequately compensated’ – Official

Heritage Bank
Heritage Bank

Heritage Bank has said that staff affected by the recent mass sack at the bank were “adequately compensated.”

Fela Ibidapo, the bank’s spokesperson who stated this in a release posted on the bank’s website on Tuesday, said the restructuring came after a review of the bank’s staff strength and industry standards.

Mr. Ibidapo explained that the development is part of the bank’s decision to restructure its workforce in an effort to facilitate greater efficiency and resource optimisation, in line with its growth agenda.

This agenda, the bank said, is designed to strengthen its businesses across all markets where it operates, noting that those affected were compensated.

“The restructuring processes are meant to up-scale this institution’s activities in the strategic sectors of the economy as well as concentrating on and deploying our expertise and competences to
specific business areas where we enjoy comparative business advantage.

“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,” he said.

Okowa Campaign AD

In the same vein, the bank stated that as part of its on-going determination to reposition, some members of its workforce have also been elevated with higher responsibilities. The statement however attributed the downsizing exercise to the downturn in the economy.

“There is no doubt that the banking industry, like every other sector in the country, is going through a challenging path occasioned by the slowdown in the country’s economic activities, hence the move, being part of the bank’s strategic plan to keep a vibrant workforce that will enable it achieve its vision of being the most innovative bank of choice in service delivery, superior returns to its various stakeholders, and to also contribute to the growth of the Nation’s economy.”

Heritage Bank was in the news recently after it embarked on mass retrenchment of its workers with about 400 staff sacked in December.

Investigations by the News Agency of Nigeria, NAN, on Monday indicated that more workers are pencilled for sack.

Reports said that the sack cut across the top, middle and low cadres. The mass sack also created apprehension and fears among the remaining workers.

Workers from the former Enterprise Bank, a bank reportedly acquired by Heritage Bank in October 2014 with about N56 billion ($281 million), were said to be the most affected in the ongoing
restructuring exercise embarked on to improve the bank’s profitability.

The bank, however, embarked on the massive sack in spite of the Minister of Labour, Chris Ngige’s directive to financial institutions to desist from the sacking spree.

Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.