Federal government urges financial institutions to stop retrenchment

Helen Shok Jok Abuja.

Chris Ngige
The Nigerian Government has directed financial institutions in the country to halt all retrenchment proceedings of staff till further notice.
This follows the high number of petitions and complaints from stakeholders in the Banking, Insurance and Financial Institutions.
In a statement, the Minister of Labour and Employment, Dr Chris Ngige said: ” l hereby direct the suspension of the on-going retrenchment in the sector 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.
This decision is further predicated on the fact that the continued retrenchment and redundancy by the banks and other financial institutions are jeopardizing the outcome of the conciliatory and mediatory processes being undertaking by the Ministry of Labour and Employment.
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 the first week of July, 2016.”
It advised all parties in the interest of industrial peace and harmony to maintain the status-quo.
The statement added that “by this directive also, the labour unions should cease all picketing of banks and financial institutions immediately. “