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FG threatens to withdraw banks’ licences over retrenchment

08 June 2016, 13:13

Abuja - The federal government has threatened to withdraw the operating license of any bank and telecommunication company that failed to yield to its earlier directive to stop mass sack of workers in their employ, reports Vanguard.

The government was reacting to Monday’s sack of 175 staff of Skye Bank.

Also read: Skye Bank sacks 175 workers

Minister of Labour and Employment, Chris Ngige gave the warning on Tuesday in Geneva, Switzerland while addressing newsmen after the plenary session at the on-going 105th  session of the International Labour Conference (ILC) of the ILO.

The Minister had earlier directed banks and other financial institutions, to suspend the retrenchment exercise.

Daily Trust quoted Ngige as saying that the government has a duty to protect jobs in this harsh economy.

“We want them to maintain the status quo. As far as I am the minister of labour, I will protect the interest of workers; same to the telecommunication companies, they are also talking about compiling lists without discussing with anybody.”

We will go a step further if they continue in their current sack spree. We know what to do. After all, the banks have their licenses given by the government. We know what to do. They need to comply. They need to come to the negotiation table.

- News 24


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