Heritage Bank has embarked on mass retrenchment of its workers, sacking 400 staff in December 2016.
The News Agency of Nigeria (NAN) reports that more workers are penciled for sack.
The bank acquired Enterprise Bank with about N56 billion ($281 million) in October 2014.
A top management staff in the bank told NAN that the sack cuts across the top, middle and low cadres.
He said the mass sack was creating apprehension and fears among the remaining staff.
The management staff said the remaining workers, especially those from the former Enterprise Bank, feared they could be disengaged anytime.
He said workers from the former Enterprise Bank were the most affected in the ongoing restructuring exercise designed to improve the bank’s profitability.
The bank’s Head of Corporate Communications, Mr. Fela Ibidapo, told NAN that the figures were not correct.
Ibidapo noted that the development was not limited to the bank, saying it cut across the industry.
What a pity; i don’t like this sacking at all.
400 workers got sacked! And in December for that matter. This is a tragic incident to those families concerned. The only secured job this day is Self-employment.