FG directs banks to suspend retrenchment

The Federal Government on Friday directed banks, insurance and financial institutions to suspend the ongoing retrenchment in the sector.

The Minister of Labour and Employment, Dr. Chris Ngige, stated this in a statement in Abuja.



“Following spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the ongoing retrenchment pending the outcome of the conciliatory meetings in the industry.

“This is as a result of the apprehension by my office on the various disputes in the sector in accordance and in compliance with the provisions of the labour laws of Nigeria,’’ the News Agency of Nigeria (NAN) quoted the minister as saying in the statement.

The statement said the decision was predicated on the fact that the continued retrenchment and redundancy by the sector had been jeopardising the outcome of the reconciliatory and mediatory processes undertaken by the ministry.

“In this wise, all the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold,” it added.