SAN FRANCISCO, June 08, (THEWILL) – The Senate has summoned Chris Ngige, Minister of labour and employment, to explain his threat to withdraw the license of any bank that retrenches its staff.
This was revealed by Rafiu Ibrahim, Chairman Senate committee on banking, insurance and other financial institutions, after he raised a point of order on the matter on the floor of the senate on Wednesday.
“The minister of labour made a statement threatening banks to stop retrenchment of staff. Banking being a very sensitive industry, any misguided statement can have a throwback on the industry; it can create a run on the banks,” he said.
“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.
“We want to know the basis of the directive and the basis of the threat.”
Story by David Oputah
