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Nigeria’s minister for labour and employment, Dr Chris Ngige has directed the immediate suspension of the on-going retrenchment in the financial services sector  pending the outcome of the conciliatory meetings in the industry.
50,000 workers lose jobs in Abuja

Nigeria’s minister of labour and productivity, Dr. Chris Ngige has a lot in his hands
In a press statement personally signed by the minister and obtained by, Ngige said his decision is based on the apprehension of his office due to the various disputes in the sector in accordance and in compliance with the provisions of the labour laws of Nigeria.

Part of the statement read: ”This decision is further predicated on the fact that the continued retrenchment and redundancy by the banks and other financial institutions are jeopardizing the outcome of the conciliatory and mediatory processes being undertaking by the ministry of labour and employment.

”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 the first week of July, 2016.

‘‘All parties are therefore advised in the interest of industrial peace and harmony to maintain the status-quo ante-belum.”

There have been massive lay-off of workers by banks, insurance companies and other financial services organisations in the past few weeks.

It is not clear if the minister’s ban will force the organisations to overturn the decisions already taken and if the ministry has the power to direct the banks to put a stop to the exercise.

Meanwhile, minister of transportation, Rotimi Amaechi, has disclosed that the federal government has concluded plans to establish a shipping line.

Amaechi made the revelation while delivering a keynote address he delivered at the 14th Maritime Seminar for Judges organised by the Nigerian Shippers’ Council in collaboration with the National Judicial Institute.
8:36 AM

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