Breaking: FG Order Banks Not To Sack Workers

The federal government has directed banks, insurance and financial institutions to suspend plans to sack

The federal government has directed banks, insurance and financial institutions to suspend plans to sack
workers in the sector. Minister of labour and employment, Chris Ngige in a statement said; “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,” “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. “In 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 statement added that the continued

retrenchment and redundancy by the sector were jeopardising the outcome of the reconciliatory and

mediatory processes undertaken by the ministry.


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