Financial institutions in Nigeria have been ordered to put a halt to the mass retrenchment exercise embarked upon by some of them lately.
A statement issued on Friday by Minister of Labour and Employment, Chris Ngige, disclosed that this decision is coming due to issues in the industry.
“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,” the Minister said in the statement.
Ngige explained that, “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.
