The Federal Government on Friday directed banks, insurance and financial institutions to suspend the on-going retrenchment in the sector.

This is contained in a statement signed by the Minister of Labour and Employment, Dr Chris Ngige, and made available to newsmen in Abuja.
“Following 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,’’ it said.

The statement said that the decision was further predicated on the fact that the continued retrenchment and redundancy by the sector were jeopardising the outcome of the reconciliatory and mediatory processes undertaken by the ministry.

“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 2,’’ the statement read in part.
However, Ngige advised all parties in the interest of industrial peace and harmony to maintain the status-quo ante-belum.


http://www.pmnewsnigeria.com/2016/06/03/govt-orders-banks-to-stop-retrenching-workers/

AFTER THE DEED HAS BEING DONE !!

MEDICINE AFTER DEATH

OK

In that case, FG should take over salary payment for the bank staff till after the negotiations

adioolayi:
The Federal Government on Friday directed banks, insurance and financial institutions to suspend the on-going retrenchment in the sector.
This is contained in a statement signed by the Minister of Labour and Employment, Dr Chris Ngige, and made available to newsmen in Abuja.
“Following 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,’’ it said.
The statement said that the decision was further predicated on the fact that the continued retrenchment and redundancy by the sector were jeopardising the outcome of the reconciliatory and mediatory processes undertaken by the ministry.
“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 2,’’ the statement read in part.
However, Ngige advised all parties in the interest of industrial peace and harmony to maintain the status-quo ante-belum.
http://www.pmnewsnigeria.com/2016/06/03/govt-orders-banks-to-stop-retrenching-workers/

'FG orders....'

can You imagine, them no be public institution ooo

is the fed govt going to give them money to pay workers?

Okay o

RZArecta:
In that case, FG should take over salary payment for the bank staff till after the negotiations

No the penalties they will face would be very heavy if they breach the laws of the federal Republic of Nigeria.

Hehehe
Buhari is a comedian
lwtmb

Can u imagine what the government is shamefully ordering , if the economy that are manage by them are good will the bank sack their workers?

This is the height of stupidity by any government in the world.

This same govt withdrew the liquidity of the financial institutions in the name of TSA and now wants them to continue to run operations they can't fund. They shamelessly even attempt to take credit for the very poorly thought TSA implementation.

What real technocrats like NOI envisaged and recommended a gradual implementation but our very dull buhari and his english speaking adeosun were desperate to claim gains.

Who will pay the workers if the banks retain them?

Shey na Federal government go tell me when and went not to fired my employees when the need arises? Wait, dey there the give yeye orders no revive the economy. Bunch of clueless jokers!

adadadon:

No the penalties they will face would be very heavy if the breach the laws of the federal Republic of Nigeria.

Sorry boi... you don't give what you don't have.
Banks cant pay what they dont generate.

FG is hopeless on this matter.

Na FG employ the workers for them? Employer say dem no fit pay again, u say make them no fire workers. U go pay dem on their behalf?

Flets:


Sorry boi... you don't give what you don't have.
Banks cant pay what they dont generate.

FG is hopeless on this matter.

Have you ever heard of The CBN being the banker's banker... Go figure out what it means.

Flets:


Sorry boi... you don't give what you don't have.
Banks cant pay what they dont generate.

FG is hopeless on this matter.

Let me educate you. Every bank in Nigeria is bound by the codes of corporate governance and that is supported by various financial and Labour regulations streamlining and controlling the administration of DMBs in Nigeria. A breach of this would lead to heavy infractions and unfortunately for the banks the CBN and the FG wields so much power thereby putting them in a tight corner when such banks run foul of such regulations and this is made easier by the compulsory depositing of huge sums by the banks with the Federal government which has made it easier for the banks to be fined whenever they commit infractions.
Just so you know DMB means Deposit Money Banks.

I actually tot everyone will be happy about this news after the complaints due to d retrenchments taking place.

I'm surprise some people r condemning the FG for stepping in to halt it.

Na wa o...confused people.

Flets:
This is the height of stupidity by any government in the world.

This same govt withdrew the liquidity of the financial institutions in the name of TSA and now wants them to continue to run operations they can't fund. They shamelessly even attempt to take credit for the very poorly thought TSA implementation.

What real technocrats like NOI envisaged and recommended a gradual implementation but our very dull buhari and his english speaking adeosun were desperate to claim gains.

Who will pay the workers if the banks retain them?

I thought these guys in government were clowns, but now it seems obvious that they are certified re.tards.

Imagine.

Do they understand how the economic system works at all ?

Same ret.ards congratulating themselves on nuking the economy by draining N3 trillion of liquidity from the banks, and N9 trillion credit creating potential from the economy.

Well, like I say, when you bring back to life an extinct Fossilized Dinosaur into a modern Ecosystem, there can only be one possible outcome; Disaster.

David0:
I actually tot everyone will be happy about this news after the complaints due to d retrenchments taking place.

I'm surprise some people r condemning the FG for stepping in to halt it.

Na wa o...confused people.

How exactly does the government order private commercial banks how to run their businesses ?
Has the federal government, itself, able to satisfactorily run its own affairs ?

This clown show is really getting out of hand.

Buhari is taking us back to the stone ages.

adadadon:

Have you ever heard of The CBN being the banker's banker... Go figure out what it means.

What do you think it means.
Maybe you can enlighten us.

plaetton:


How exactly does the government order private commercial banks how to run their businesses ?
Has the federal government, itself, able to satisfactorily run its own affairs ?

This clown show is really getting out of hand.

Buhari is taking us back to the stone ages.

Private...yes!
But controlled and governed by the FG thru CBN.

Therefore, the FG has a say in the way they run their activities.

Besides, y do d Bank only retrench staffs from the lower level, while those at the top who are supposed to take responsibility for the outcome of their decisions stay untouched.

Don u know how much they get when the bank makes huge profit, so y don't dey also share from d loss. Y shud those who barely get recognition from the profits, get d boot.

Bro abeg FG intervene abeg. It's a good idea to me.

David0:


Private...yes!
But controlled and governed by the FG thru CBN.

Therefore, the FG has a say in the way they run their activities.

Besides, y do d Bank only retrench staffs from the lower level, while those at the top who are supposed to take responsibility for the outcome of their decisions stay untouched.

Don u know how much they get when the bank makes huge profit, so y don't dey also share from d loss. Y shud those who barely get recognition from the profits, get d boot.

Bro abeg FG intervene abeg. It's a good idea to me.

This crap is simply unbelievable.

Sorry sunny boy, but which school of economics are you from, the medieval school of economics ?

The CBN regulates the conduct of banks in terms of how they keep, utilize and manage deposits and risks.

The CBN do not dictate to banks how to manage the efficiency or profitability of their businesses.

We are not operating a Communist system.

What a disaster we have brought upon ourselves.

Is the FG going to pay the workers?

Banking industry is the most regulated industry in the country.

Flout the FG's directive and see your license revoked and your bank nationalised.

It will come under National Security and no court of law can contest National Security. For real, the issue of retrenchment is a national security issue.

Barclay's Bank was nationalised and nothing happened. Over 50 banks went under in 2006 and nothing happened. Sanusi sacked MDs and nationalised banks in 2010 and nothing happened.

Banks should be patriotic for once by sacrificing their outrageous PBTs by retaining the staff. People will say they are profit making firm. Yes I agree, but profitability must come with human face.

RZArecta:
In that case, FG should take over salary payment for the bank staff till after the negotiations

Maybe they are part of the 5 million job they promised

plaetton:



This crap is simply unbelievable.

Sorry sunny boy, but which school of economics are you from, the medieval school of economics ?

The CBN regulates the conduct of banks in terms of how they keep, utilize and manage deposits and risks.

The CBN do not dictate to banks how to manage the efficiency or profitability of their businesses.

We are not operating a Communist system.

What a disaster we have brought upon ourselves.

Whatever u think or feel, dats ur palava.

If d bank think d way u think, then let them continue with their retrenchments let's c if dey can.

Or u think d way dey retrench here with no single respect for the people involved is normal?

Sometime ur laid off with no single reason.

Guy pls keep ur economics.

This as far as am concerned, is gud news.

Chris Ngige is gradually becoming a clown. I'm very sure they did not consult their thinking faculty before issuing this nonsense order. Most banks are now saddle with several non performing loans because of our badly depreciated currency while Buhari and his ministers sit and do nothing but increase the price of fuel. This directive from the federal government is completely ridiculous and will be treated as such.

This Order may not Work, FG lack the Required Power to Back it Up.
Remember “Flying Dragon and Crouching Tiger”.

David0:


Whatever u think or feel, dats ur palava.

If d bank think d way u think, then let them continue with their retrenchments let's c if dey can.

Or u think d way dey retrench here with no single respect for the people involved is normal?

Sometime ur laid off with no single reason.

Guy pls keep ur economics.

This as far as am concerned, is gud news.

Banking is business, not a social service provider.

The government misguidedly drained the banks of their liquidity, their engine oil. Now the banks are bleeding, forced to retrench workers, and then the same idiotic government has the temerity to tell banks not to retrench workers.

The people running the government must be certified reta.rds.

Buhari & his ministers are Dullards!!!!

adadadon:

Have you ever heard of The CBN being the banker's banker... Go figure out what it means.

Certainly, CBN is the bankers' bank, but what's ur point? I hope you know that the CBN regulation does not include keeping of staff whose wages cannot be sustained.

I do not know the one that suits this APC govt, comedians or mad people?

So banks should keep workers they cannot pay after Buhari has wrecked our economy.