Heritage Bank In Distress Status As Financial Authorities Shutdown Its Operations Over Sacking Of 1000 Staffers

In a shocking turn of events, Heritage Bank, one of the new generation financial institutions in the country, has been forced to shut down its operations as a result of the mass sacking of 1000 staffers by the management led by Mr. Akinola George-Taylor without following due process.

The decision has stirred widespread concern among both customers and the financial community as the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), has shut down Heritage Bank’s head office in Lagos.

The union said it had resolved to continue with the picketing until the management of the bank decides to do the needful by ensuring the sacked workers get their legitimate severance package.

The aggrieved ex-staff of the bank have locked the gate and prevented anyone from going in or out of the bank’s head office located Victoria Island of Lagos.

As the news broke, concerned citizens have expressed their worries about the future of the bank and the impact of the mass layoff on the affected employees.

Financial authorities have swiftly stepped in and taken decisive action by shutting down the bank’s operations, pending further investigation into the circumstances that led to the sudden termination of such a large number of employees.

Analysts and experts in the financial sector have raised questions about the sustainability of Heritage Bank in the face of these unprecedented events.

The closure has also prompted heated discussions on social media platforms, with many expressing their discontent and urging the bank’s management to provide a clear explanation for their actions.

Amidst the uncertainty, stakeholders and customers are anxiously waiting for updates from the financial authorities, hoping for a swift resolution to the crisis.

Recall, an online publication THE WITNESS had exclusively reported in October 2023 that in less than one year after assuming office as Heritage Bank’s chief executive officer, Mr. Akinola George-Taylor forcefully booted out over 70 senior staff members of the bank, while a number of others were asked to resign plunging the bank in further crisis. More worrisome was the fact that the affected staff were disengaged without paying them their accrued entitlements and allowances.

THE WITNESS had also reported that the internal crisis allegedly instigated by the bank chief was in an attempt to rid the bank of those suspected to be loyalists of some board members, and employ his own people.

The move, sources disclosed, were unconnected with the new bank chief’s plan to oust some board members who are said to be at loggerheads with him, from the bank. The bank’s chief was said to be enjoying the support of a top shareholder of the bank whom sources say is allegedly determined to solely take over the bank and get rid of the owners.

When contacted by our reporter, Ozenna Utulu, the head of Corporate Communications of Heritage Bank promised to get back to our reporter but never did as at the time of filing this report.

As the situation continues to develop, all eyes remain on Heritage Bank as the affected staff and the broader public seek answers and clarity during this tumultuous period.