The Federal Government on Friday directed all banks
operating in the country to suspend the ongoing massive retrenchments of their
workers and wait for the outcome of proposed meeting of stakeholders in the
financial sector scheduled for next month.
In a statement release by the Minister of Labour and
Employment, Senator Chris Ngige, he said
the directive followed complaints and petitions from stake holders in the
sector about continuous massive lay off of workers which have flooded his
office.
It will recalled that the banks in the country have in
recent times embarked on massive sack of their staff following the downturn in
the economy and the implementation of the Treasury Single Account by the
Federal Government.
The banks had also embarked on the mass sack to cut costs
following decline in their profitability.
Last Wednesday, Ecobank Nigeria Limited laid off 1040 staff,
across all cadres of its staff from Junior to top management positions as a
result of poor profitability over harsh economic situations.
Before then, Diamond Bank Plc had laid off 200 staff
following the slump of its profit before tax for the first quarter of this year
to N6.04bn, from the N7.94bn in the first quarter of 2015.
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