Posted on: 05:40 Sat, 04 Jun 2016



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.