Heritage Bank is on a mass retrenchment workers, a move that has resulted in the sack of 400 staff.
An investigation conducted indicated that more workers were penciled for sack.
A top management source in the bank, who pleaded anonymity, said the sack cut across the top, middle and low cadres.
He said the mass sack was creating apprehension and fear among the remaining workers
The source said workers from the former Enterprise Bank were afraid of being disengaged anytime.
The bank acquired Enterprise Bank with about N56 billion in October 2014.
It embarked on the massive sack in spite of the directive of Chris Ngige, minister of labour, to financial institutions to desist from the sacking spree.
However, Fela Ibidapo, the bank’s head of corporate communications, said the figures were incorrect.
Ibidapo said the mass sack was not limited to the bank but it cut across all operators in the industry.
There have been reports of the bank’s financial instability, but the financial institution dismissed them.
(NAN)
