Minister orders banks to stop sacking their staff

Chika Ebuzor 21:46 - 03 June 2016

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Ngige explained that there was an ongoing conciliatory meeting, adding that all retrenchments should stop, pending the outcome of talks.

The Minister of Labour and Employment,

The minister said this on Friday, June 3, 2016, while speaking to newsmen.

Ngige said “Following the high spate of petitions and complaints from stakeholders in the Banking, Insurance and Financial Institutions, I hereby direct the suspension of the on-going retrenchment in the sector pending the outcome of the conciliatory meetings in the industry.

“This is as a result of the apprehension by my office of the various disputes in the sector in accordance and in compliance with the provisions of the labour laws of Nigeria.

“This decision is further predicated on the fact that the continued retrenchment and redundancy by the banks and other financial institutions are jeopardising the outcome of the conciliatory and mediatory processes being underten by the Ministry of Labour and Employment.”