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”.