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FG orders banks to stop sacking workers
June 3, 2016

Minister of Labour and Employment, Dr. Chris Ngige

Fidelis Soriwei, Abuja

The Federal Government has directed banks in the country to halt the ongoing retrenchment of workers in the banking sector.

The Minister of Labour and Employment, Dr. Chris Ngige, directed that all ongoing retrenchment exercises should be put on hold to await the outcome of conciliatory meetings in the industry, being held by the ministry, in a statement on Friday

Source: http://www.punchng.com/fg-orders-banks-stop-sacking-workers/

How can the government order a private business to stop sacking if they need to do that to stay afloat? Does this make sense to anyone?
I'd understand if they're pleading to them, definitely not order them.
When state governments reduce employee counts, does the federal government interfere?

They have no constitutional right.
Buhari go siddon one place. U promised creating millions of jobs but what we are witnessing is total collapse and retrenchment of workers by firms.

Does FG has the right to do that.
What stops them from employing their citizens?

SmartMugu:
How can the government order a private business to stop sacking if they need to do that to stay afloat? Does this make sense to anyone?
I'd understand if they're pleading to them, definitely not order them.
When state governments reduce employee counts, does the federal government interfere?

Banking industry is the most regulated industry in the country.

Flout the FG's directive and see your license is revoked and you 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.

SuperS1Panther:
Banking industry is the most regulated industry in the country.

Flout the FG's directive and see your license is revoked and you 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.

Under which of the banking law is that sir. Pls clarify with facts

martooski:
Under which of the banking law is that sir. Pls clarify with facts

Bros it is not part of a banking law.

What law gave Soludo the right to consolidate banks? What law gave Sanusi the right to sack MDs?

I am simply telling you, if the FG goes ahead with the directive, the boards of the bank can only complain in silence rather than lose their license.

CBN can not sack MD of Banks unless in the cases of criminal breach, expecially one that can lead to closure or loss of public trust. Even at that the directive isn't from the CBN