Senate Summons Labour Minister, CBN Boss Over Banks Sacking


The Nigerian Senate has summoned the Minister of Labour and Employment, Senator Chris Ngige over his threat to sanction and withdraw licences of banks that sack their staff, following reports of mass sacking by some commercial banks in the country.

Chairman, Senate Committee on Banking and other Financial Institutions, Senator Rafiu Ibrahim, had moved a motion of personal explanation over the threat by the Minister of Labour, Senator Ngige to revoke the licenses of banks that ignored Federal Government’s directive on retrenchments in banks.

Senator Ibrahim noted that any misguided statement or directive from the Minister could have a dangerous ripple effect on the industry.

READ ALSO:  Bank Retrenchment: Licences Of Erring Banks Will Be Withdrawn – Ngige

The senator added that it should be appreciated that certain inciting statements could mean trouble for the banks and cause depositors to boycott the banks.

Labour Minister And CBN Gov Summoned By Senate

Senator Ibrahim said;

“Without any prejudice to the position of the minister, we want, as the Chairman Senate Committee on Banking, Insurance and other Financial institutions for us to invite the minister, the Central Bank and the banks to know if they are talking at all about retrenchment and what will happen.”

“We want to know the basis of the directive and now the basis of the threat.”

Senate President, Bukola Saraki, granted the request brought to him by Senator Ibrahim.

READ ALSO:  FG Orders Banks To Stop Sacking Workers

Responding to the matter, Senator Saraki said;

“Senator Rafiu Ibrahim brought this matter to me and he has come under personal explanation of which there would be no further debate. Those invited should appear before the Senate Committee on Banking and other Financial Institutions.”

Earlier in the week, Minister of Labour, Senator Ngige, had threatened to sanction or possibly revoke the licences of commercial banks that have recently sacked their staff, contrary to a directive by the Federal Government to maintain status quo.