FG threatens to sanction financial Institutions over sack

By ANDREW OJIEZEL

Following the continued retrenchment of workers by banks despite the appeal against such, the Federal Government,  has come out with final warning to sanction defaulting banks.

Minister of Labour and Employment, Senator Chris Ngige,  gave the warning in Geneva while addressing newsmen on the sideline of the on-going 105th session of the International Labour Conference (ILC).

“The Federal Government gave the licences to the banks to operate and if its directives are not adhered to the licences will be withdrawn if the need arises,” he said.

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Ngige was reacting to a statement by the Director General of the Nigeria Employers Consultative Association, Segun Oshinowo, who was quoted as saying that it was the inalienable right of an employer to determine the optimal staff level it requires to sustain its operations.

The minister had earlier directed banks and financial institutions, to suspend further retrenchment of the workers following reports that some of them have embarked on that.

“We know what to do. After all the banks have the licences given by the government. We know what to do. They need to comply. Financial institutions need to negotiate. We want them to maintain the status quo. As far as I am the minister of labour I will protect the interest of workers,” the Minister said.