These, are not the best of times for Heritage Bank as information reaching us has it that there is trouble in the bank following a reported boardroom crisis.
Inside sources disclosed to us that there are internal problem involving the current Managing Director/Chief Executive Officer of the bank, Mr. Akinola George-Taylor and some board members.
Sources said that less than a year after George-Taylor assumed office that there have been crisis in the boardroom amid the persisting financial distress in the bank.
For those who don’t know, George-Taylor joined Heritage Bank as acting Managing Director/Chief Executive Officer on September 12, 2022.
He succeeded Ifie Sekibo, the bank’s founder and pioneer Managing Director who served out his 10-year tenure in September 2022.
However, George-Taylor was confirmed by the Central Bank of Nigeria (CBN) as the substantive Managing Director of the bank in April 2023.
But while the bank’s shareholders may have been expecting that the new boss would change its fortunes and drive growth, sources said he has instead, allegedly, instigated internal crisis, in an attempt to allegedly rid the bank of those said to be loyal to some board members, and employ his own people.
The move, sources disclosed were unconnected with the new bank chief’s alleged plan to oust some board members who are said to be at loggerheads with him.
Insiders squealed to us that the bank’s chief is enjoying the support of a top shareholder of the bank who is allegedly determined to solely take over the bank and allegedly get rid of the owners.
Sources in the bank lamented that not less than 70 senior staff members have been sacked in recent times, while a number of others were asked to resign.
According to sources some of the workers who were forced to leave, resigned voluntarily over poor working conditions, while the once active branches of the bank are as quiet as graveyards. We were told that the affected staff were disengaged without paying them their accrued entitlements and allowances.
A management staff of the bank who spoke on anonymity said; “I can tell you that there is war at Heritage Bank as we speak. Over 70 persons have been asked to go, while some were asked to resign. Mind you, those who were asked to go have not been paid any compensation.”
“The mission of the new managing director is to ease out those who are loyal to some board members whom the managing director is not in tune with, so he could employ his own people.”
Information at our disposal has it that Heritage Bank has been struggling to pay workers’ salaries for some time now. We also gathered that depositors too are not left out as they have not been able to access their funds.
This, however has stirred argument why the Central Bank of Nigeria (CBN) has not withdrawn the bank’s license over its alleged bankruptcy issues, and inability to meet obligations to depositors.