In a bold move, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has taken action against Heritage Bank’s management in Lagos. The union’s decision comes in response to the recent dismissal of more than 1000 employees, purportedly without adherence to due process, under the leadership of Mr. Akinola George-Taylor.

Comrade Anthony Abakpa, the National President of the National Union of Banks, Insurance, and Financial Institutions Employees, emphasized that the bank’s leadership failed to adhere to due process before taking action. He asserted that the union would escalate its demands for justice and urged the bank’s management to address the situation appropriately.

The closure of the bank’s headquarters located at 143 Ahmadu Bello Way, Victoria Island, Lagos serves as a visible demonstration of NUBIFIE’s discontent with the handling of the mass layoffs. This action underscores the severity of the situation and highlights the growing tensions between workers’ rights and corporate decisions within the financial sector.

NUBIFIE’s intervention amplifies the voice of the affected employees, demanding accountability and transparency in the employment practices of financial institutions. The shutdown sends a strong message to Heritage Bank’s management and the wider industry, emphasizing the need for fair treatment and procedural integrity in workforce management.

As the situation unfolds, stakeholders closely monitor developments, awaiting responses from both Heritage Bank’s management and regulatory bodies. The standoff between NUBIFIE and the bank’s leadership signals a critical juncture in the ongoing dialogue surrounding labour rights and corporate governance within Nigeria’s financial landscape.

In October 2023, less than a year into his role as CEO of Heritage Bank, Mr. Akinola George-Taylor made headlines by swiftly removing over 70 senior staff members from their positions. Additionally, several others were urged to resign, exacerbating the bank’s crisis. What’s particularly troubling is that these employees were let go without receiving their due entitlements and allowances.

In July 2023,  Heritage Bank’s precarious state, labelling it a ticking time bomb. Financial experts criticized the suspended CBN governor, Godwin Emefiele, for neglecting the bank’s distress, accusing him of prioritizing politics over depositor protection. They urged the new CBN chief to swiftly intervene, possibly through nationalization, to prevent a collapse. Economic analyst Henry Effiong stressed the need for CBN oversight, especially for unlisted banks like Heritage, emphasizing the urgency of recapitalization or regulatory action. Capital market expert Kayode Olorunfemi echoed concerns about poor corporate governance in unlisted banks, highlighting Heritage’s shortcomings and the CBN’s responsibility to safeguard depositors amidst economic challenges, cautioning against a repeat of the 2009 crisis.