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Confusion on recovery as Heritage Bank sacks 400, plans more before end of Q1

Resilient financial group, Heritage Bank has sack about 400 staff and there are plans to ease out more before the end of first quarter. News Agency of Nigeria has reported.

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 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.

NAN had reports that 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, explained that the figures were not correct. Ibidapo said that the mass sack was not limited to the bank as it cut across all operators in the industry