Minister of Labour and Employment, Chris Ngige, has been told to appear before the Senate over his threat to withdraw the license of any bank that retrenches its staff.
The Senate said it finds the threat alarming and could create more problems.
Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim, said Ngige “made a statement threatening banks to stop retrenchment of staff.”
He noted that “banking being a very sensitive industry, any misguided statement can have a throwback on the industry; it can create a run on the banks.”
“As the chairman of the senate committee on banking and finance, we want to invite the minister, the central bank and the banks to know if they are talking about retrenchment and what will happen.
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…
National Chairman Of APGA, Chief Victor Umeh, some days ago in Awka, the Anambra State capital, officially declared interest in the 2015 senatorial election from Anambra Central Senatorial Zone, a seat that is currently being occupied by Senator Chris Ngige of the APC. Speaking at the declaration rally that was…
Last week, the Federal Government directed banks and other financial institutions in Nigeria to suspend the downsizing of their workforce. This decision, as explained by the Minister of Labour and Productivity, Chris Ngige, was taken due to series of petitions before the government on the issue. He ordered that the…
