FG directs banks to stop firing staff
The federal government has directed banks, insurance and financial institutions to suspend the ongoing retrenchment in the sector.
Chris Ngige, minister of labour and employment, gave the directive in Abuja on Friday, saying his office had received several complaints from those affected by the development.
Ngige said any action taken in that regard would be seen as illegal, saying a meeting on the way forward would be held on July 2.
“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,” he said in a statement.
“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.
This is laughable. He should tell me where in the world of free enterprise you can give a Fiat to stop disengaging staff in a period of high costs and low profits. Let Buhari first reverse the increase in fuel prices and restore the exchange rate to what he met before companies will listen to this directive from Mr. Minister of Labour
laughable indeed….
FG should equally tell me how many staff I should employ…
..I wish is possible, but I doubt. How can FG instruct me on how many workers I should employ in this hard economy. for privet sector to stay in business they have to maximize their profit
This is symptomatic of the underlying problems in the country where federalism is neither understood or practiced. Autonomy between the three tiers of government, total distinction between public and private sectors. I am dismayed.
Why are Nigerians this negative minded. Having right to retrench staff by private sector does not give room to the high level impunity in the most organization. How can an Organization retrench long serving staffs without a single terminal benefit.