The Federal Government has directed commercial banks to forthwith, put a halt on the retrenchment of their employees.

In the past few weeks, Diamond Bank and Ecobank have laid off thousand of workers as a result of the financial crisis in the sector and the country at large.

A statement was released to this effect on Friday, by Chris Nwabueze Ngige, Minister of Labour and Employment.

“Following the high spate of petitions and complaints from stakeholders in the Banking, Insurance and Financial Institutions, I hereby direct the suspension of the on-going retrenchment in the sector 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.”

“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.”

Dele Benjamin