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.