The Minister of Labour and Employment, Dr. Chris Ngige, directed that all ongoing retrenchment exercises should be put on hold to await the outcome of conciliatory meetings in the industry, being held by the ministry, in a statement on Friday.
Ngige said that the directive became necessary in view of the fact that sacking of workers by the banks and other financial institutions was endangering the outcome of conciliatory efforts of the ministry.
The minister directed further that all the retrenchments done in the past four months should be put on hold to await the outcome of a proposed stakeholders’ summit for employers and employees of the banking, insurance and financial institutions scheduled for the first week of July, 2016.
“Following the high spate of petitions and complaints from stakeholders in the Banking, Insurance and Financial Institutions, I 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 jeopardising the outcome of the conciliatory and mediatory processes being underten by the Ministry of Labour and Employment.”