FG Orders Banks To Stop Sacking Workers


The Federal Government through the minister of Labour and Employment Dr Chris Ngige has issued a directive to all banks, financial institutions and micro-finance banks in the country to halt the ongoing retrenchment of workers in the banking sector.

In a statement issued on Friday, Dr Chris Ngige directed that all ongoing retrenchment exercises to be put on hold and await the outcome the ongoing conciliatory meetings in the industry, being held by the ministry.

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This directive comes in the wake of a wave of retrenchment across the industry that has seen major banks such as Eco Bank lay off as much as 1040 workers in one swoop. Diamond Bank also recently terminated the appointment of 200 members of its workforce.

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. Hear him:

“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”

See Also: Diamond Bank Sacks 200 Workers Amidst Economic Woes

“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 jeopardizing the outcome of the conciliatory and mediatory processes being undertaken by the Ministry of Labour and Employment.”