FG threatens to revoke licences of banks violating its ‘no sack’ order

Following the news of the retrenchment of 200 staff of Skye bank today, the federal government has released a statement threatening to sanction banks and telecommunication companies, that fail to comply with its order to suspend retrenchment. FG on June 4th, prevailed on Banks and Insurance companies to halt retrenchment exercises for now due to the hard economic realities.The Minister of labour and employment, Chris Ngige gave the warning at the 105th session of the International Labour Congress (ILC) in Geneva, Switzerland today June 7th.“The federal government gave the licences to the banks to operate and if its directives are not adhered to the licences will be withdrawn if the need arises. We will go a step further if they continue. We know what to do. They need to comply. They need to come to the negotiation table. We halted the spate of sack in the oil industry and we succeeded. Even if you are goingto lay off, there is a way to declare redundancy, there is a process. Section 20 of the labour act says it. You must call the unions and discuss with them. You don’t just treat them as slaves in their own country and you want us to keep quiet. We want them to maintain the status quo. As far as I am the minister of labour, I will protect the interest of workers; same to the telecommunication companies, they are also talking about compiling lists without discussing with anybody.”