Bank sacks 200 staff after FG's directive to suspend retrenchment
Meanwhile, the minister had cited petitions and complaints as reasons all financial institutions should suspend intended retrenchment pending a stakeholders meeting on July 2, 2016.
Minister tasks South-East governors on regional integration
Recommended articles
According to a report by TheCable, the financial institution has laid off over a hundred staff with full benefits paid to affected staff.
Stressing that any financial institution that flouts the directive will be severely dealt with by the Federal Government, Ngige said such actions would be seen as illegal.
ADVERTISEMENT
In his words, “Following spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the on-going retrenchment pending the outcome of the conciliatory meetings in the industry,” he had said in a statement late Friday.
'n this wise, all the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold pending the outcome of the proposed stakeholders’ summit for the banking, insurance and financial institutions’ employers and employees, slated for July 2,' the minister said.
According to financial experts, the current economic meltdown had had a compelling effect on financial institutions to move into down-sizing.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
JAMB warns UTME candidates against sharing details with fraudsters
Ex-attorney general Adoke cleared of money laundering charges
Court permits Nigerian to amend $150m case against Google, GoDaddy
Delta monarch declared wanted over Okuama killings regain freedom
Tinubu endorses 3 frameworks to educate Nigeria's out-of-school children
Anxiety as APC confirms Ganduje's chairmanship status
Mysterious illness kills 8 people in Sokoto - no one can explain why
Child labour problem in Nigeria worst in Southeast, Northwest
Over 600,000 Nigerians are being forced to work against their will
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT
![Nigerians in diaspora are urged to be patriotic toward the nation [Jenny M.C.]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Nigerians in diaspora are urged to be patriotic toward the nation [Jenny M.C.]")