MD Heritage Bank, Mr. Ifie Sekibo

MD Heritage Bank, Mr. Ifie Sekibo

Unable To Pay Salaries, Heritage Bank Sacks 400 Staffs, 200 More To Follow


Following a report by The Paradigm on December 14, foretelling a possible shut down of banking operations of Heritage Bank to its customers due to alleged mismanagement of depositor’s funds and outright stealing, the almost moribond bank has now sacked 400 of its workers.

However, this may not be the end of the retrenchment exercise, as credible sources has revealed the bank’s management is gearing to sack another 200 staff due to its inability to pay their salaries and allowances.

Also, another independent investigations by the News Agency of Nigeria (NAN) on Monday, confirmed that more workers are penciled for sack.

NAN reports that 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, told NAN that 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.

Heritage Bank

NAN 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, told NAN 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.

There have been media reports of the bank’s financial instability which the bank denied.

The Paradigm recalls Heritage Bank, formally known as Societe Generale Bank had previously been shut by the Central Bank of Nigeria, CBN over similar circumstance few years back.

In another report by credible online news medium, Sahara Reporters, it was discovered that the management of the bank is desperately trying to give it an appearance of a virile financial institution.

Sources in the bank revealed the management has been borrowing money to pay salaries since September 2016, after gouging the bank through a variety of abuses that included theft of physical cash and award of contracts at grotesquely inflated sums.

The Managing Director, Mr. Ifie Sekibo, said a source, illegally stole physical cash and in foreign currencies under the guise of foreign exchange transfers.

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