FG orders banks to stop sacking workers

According to reports, the Federal Government has directed banks in the country to halt the ongoing retrenchment of workers in the banking sector.

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The Minister of Labour and Employment, Dr. Chris Ngige, directed that all ongoing retrenchment exercises should be put on hold to await the outcome of conciliatory meetings in the industry, being held by the ministry, in a statement on Friday.

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Ngige said that the directive became necessary in view of the fact that sacking of workers by the banks and other financial institutions was endangering the outcome of conciliatory efforts of the ministry.

The minister directed further that all the retrenchments done in the past four months should be put on hold to await the outcome of a proposed stakeholders’ summit for employers and employees of the banking, insurance and financial institutions scheduled for the first week of July, 2016.

“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.”

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12 Comments

  1. Don’t mind that clueless minister, will he pay their salaries? 99% of all Nigerian leaders past and present are simply clueless.

  2. Most Nigerian youths are suffering from ignorance, instead of them to develop themselves and learn about Labour laws, economy and others…they feed on IG, FB,….
    Let me just save the sermon for another day.
    The FG has rightly taken a civilized(what is meant to happen in a normal society) step. There are labour laws.. You dont just sack anyhow

  3. Please, when Germany was in bad economy like ours, they cut salaries, give more jobs but with low salaries which is better than nothing and they move on to progress of today. Pls Buhari wakeup with ideas. Stop sleeping.

  4. This is a case of whipping a child and still tell him do not cry- the authorities are not serious in this country

  5. Very useless govt we have. They won’t concentrate on what will moving the country forward. Are they going to be responsible for the needs of the workers???

  6. The right to hire and fire is entrenched in the labor laws. In this circumstance, Banks and financial institutions are in no position to pay the wages their workers as a result bad business, governments inability to manage the economy; and snail slow decision making process. This is redundancy. Unfortunately, the Minister cannot stop an employer from releasing workers in its pay roll he can no longer pay.

    Ngige, What dispute? Why has he Ngige failed to handle same four months ago? What law gives the Minister of Labor the Power to restore workers rendered redundant on account of bad business to return to work when the economy in which the banks operate is getting worse by the day on account of the fact that only one man is running everything without delegating functions. Worse still, the only product we are sure of making money from, the price is down and was gradually recovering, but uncured injuries and insulting the injured at home is causing problems.
    Anytime he travels, Ministry workers will not be paid. The question, can a country of Nigeria size and economy wait for only one man to take all decisions and survived?

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