FG Orders Banks to Stop Retrenchment

Banks, insurance and other financial institutions were on Friday directed to stop on-going retrenchment in the sector. The Minister of Labour and Employment, Chris Ngige, in a statement, said, “Following the 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. “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.”