The union expresses concerns over the fate of its members in Heritage Bank, saying that they should not be unfairly treated.
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called for compensation and settlement of its members in Heritage Bank Plc which is undergoing liquidation.
ASSBIFI's president, Olusoji Oluwole, made the call in a statement on Wednesday in Lagos.
Mr Oluwole expressed concerns over the fate of members of the union in the bank, saying that they should not be unfairly treated.
According to him, the future of the affected workers is hanging in the balance.
He alleged that there was no mention of any plan to settle the workers in the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) publications and liquidation process.
"Coming at a time when the economy is in serious crisis, with hyperinflation and high unemployment rate, it is most disheartening that workers who faithfully put in their best for decades in the bank will be abandoned to perish in penury.
"We expect and believe that NDIC will factor into the liquidation plan, criteria for compensation and settlement of the workers, " he said.
He called on CBN and other regulators in the banking industry to deeply investigate the transactions and activities that caused the collapse of Heritage Bank.
Mr Oluwole also called on the regulators to invoke appropriate actions to recover debts and apply sanctions against any institutions or persons found guilty.
"The recent CBN order revoking the operational licence of Heritage Bank Plc. did not come to ASSBIFI as a surprise.
"This situation could have been avoided if the regulatory authorities had heeded to the various clamour from staff, ASSBIFI and the public on the plight of Heritage Bank," Oluwole said.
The CBN, on 3 June, announced the revocation of Heritage Bank's licence, citing its inability to improve its financial performance.
It said it took the step in line with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act.
