Tag Archives: Heritage Bank

We adequately compensated sacked staff – Heritage Bank

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Heritage Bank Plc says it is true that it is restructuring its workforce, but it is also “adequately compensating” affected members of staff.

The bank, which sacked 400 members of staff in December 2016, said this was done “as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and industry innovative agenda”.

In a statement by signed by Fela Ibidapo, its spokesperson, the bank said: “The restructuring processes was to up scale the institution’s activities in the strategic sectors of the economy as well as concentrating on and deploying its expertise and competences to specific business areas where it enjoys comparative business advantage.”

It hinted that the recent restructuring came after it reviewed senior staff bench strength and industry standards, and realigned certain roles bank-wide.

It also said it elevated some members of its workforce with higher responsibilities, which is in line with its ongoing determination to re-position.

“The vibrant workforce will enable the bank achieve its vision of being the Nigerian most innovative banking of choice in service delivery, superior returns to its various stakeholders and as well contribute to the growth of the nation’s economy,” Heritabe Bank said.

“This position is buttressed by the fact that the bank is well-known for supporting small businesses, which is another way of bringing as many small businesses as possible together in a bid to add value to MSME sector of the economy.”

It said it had “deliberately focused on the SME segment in a bid to create a fresh set of vibrant entrepreneurs that will create jobs and distribute wealth in the Nigerian economy because of recent statistics, which indicate high unemployment among the youths that make up a large percentage of the population”.

One of its initiatives in the MSME sector is its partnership with the Central Bank of Nigeria (CBN) and the National Youth Service Corps (NYSC) under the N3billion CBN Youth Innovative Entrepreneurship Development Programme (YIEDP), which is targeted at youth, particularly current National Youth Service Corps members and those within five years of post-service exit.

The bank also launched a N500 million Young Entrepreneurs and Students (YES) Grant in Lagos. The initiative, which is in partnership with the Nigerian Youth Professional Forum (NYPF), will “support students and young entrepreneurs toward socio-economic freedom”.

 

Source: The Cable

BREAKING: Heritage Bank sacks ‘400’ staff

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Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December.

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

NAN reports that the bank, in October 2014, acquired Enterprise Bank with about N56 billion ($281 million).

A top management source in the bank, who pleaded anonymity, said 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.

The bank 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.

Fela Ibidapo, the bank’s Head of Corporate Communications, however, told NAN that the figures were not correct.

Mr. 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.

 

Source: NAN

Recession: CBN, Heritage Bank disburse N930m to 310 entrepreneurs.

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The Central Bank of Nigeria, CBN, in conjunction with Heritage Bank Plc, yesterday, commenced the process for the disbursement of N930 million to 310 young entrepreneurs under the Youth Entrepreneurship Development Programme, YEDP, so as to help address the rising unemployment situation in the country, empower the youths and reactivate the economy.

Speaking at the commencement of the loan disbursements to the beneficiaries, comprising members of the National Youth Service Corps, NYSC, graduates and artisans, the Governor of the CBN, Mr. Godwin Emefiele, disclosed that the YEDP is part of the plan by the CBN and the Federal Government to create over one million direct jobs by 2020.

Emefiele, who was represented by the Deputy Governor, Corporate Services Directorate of the CBN, Mr. Suleiman Barau, stated that the aim of the programme was to ensure that the creative energies of the over 64 million Nigerian youths are harnessed to stimulate growth, address restiveness and promote economic development.

He said, “To realize this objective, the CBN in partnership with the NYSC and Heritage Bank began the pilot seven months ago, to inspire and harvest the entrepreneurial abilities of Nigerian youths towards creating over one million direct jobs by 2020.”

“I am pleased to announce the disbursement of funds to the first batch of 310 prospective entrepreneurs under the YEDP, while other applicants are at different stages of completing their loan documentation process.”

Emefiele further stated that the Programme is open to youths of between 18 and 35 years who are serving Corp members, graduates or artisans, while he stated that all youths in this category are eligible to apply and be pre-qualified for training on entrepreneurship before they can access credit lines of up to N3 million at single digit interest rate.

According to him, the programme is premised on the provision of timely and affordable credit to identified youths entrepreneurs with expected multiplier effect on job creation and economic growth.

He added that the YEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.

He also assured the business community that the CBN would continue to provide enabling environment, devise ways and means to grow the real sector towards a self-reliant economy.

Speaking in the same vein, Managing Director, Heritage Bank Plc, Mr. Ifie Sekibo, stated that the beneficiaries would get the fund as soon as certain issues raised by the beneficiaries are addressed.

According to Sekibo, who was represented by Group Executive Director, Lagos and South-West Corporate Banking of Heritage Bank, Mrs. Mary Akpobome, a proper process of disbursement would be done to the benefit and happiness of all parties.

He said, “They will get the money as soon as all those issues they raised are addressed. The money is available. They have been disbursed. CBN has disbursed to the banks. It is now about sorting out whatever the challenges are, and then the funds are now made available.”

Commenting on the process, Sekibo stated that the target was for 1,000 beneficiaries, adding that the initial applicants were 4,000, while there are presently 7,000 applicants waiting.

He said, “We are optimistic that by the time we are done with the initial 1,000, and we go back, we would be able to accommodate as many as are qualified as possible, and obviously expand the amount of money that is needed to do that.”

He, however, declared that the process is going to be reviewed, stating that “for each of the items, you see, when you get an offer letter, if there are any of the line items that are conditions that you have a challenge with, it is obviously going to be reviewed with all parties.”

Also speaking, Director-General of the NYSC, Brigadier-General Sule Kazaure, said the YEDP was introduced in March 2016, with the aim of funding the business plans of corps members so as to encourage and motivate others to imbibe the culture of entrepreneurship.

He further stated that the programme was also designed to facilitate access to other funding agencies and sources of support to corps members, while also making it possible for corps members to access Micro, Small and Medium Enterprises, MSMES, funds from the CBN through Heritage Bank and other banks wishing to join in the programme.

He urged the beneficiaries of the programme to remain focused, while also ensuring that the loans are paid back to make for extension of the same facilities to other corps members.