When the Federal Government began the implementation of the Treasury Single Account (TSA), huhuonline.com warned that this will lead to a dip in the stock of banks and also mass retrenchment of workers.
True to our predictions, many Nigerian Banks have virtually collapsed, while those that are struggling to remain in business, have resulted to reducing their staff strength.
Ironically, the Federal Government, whose policies have crippled the banks, has directed financial institutions in the country to stop the sack exercise. This directive is contained in a statement signed by the Minister of Labour and Employment, Dr Chris Ngige, and made available to huhuonline.com.
“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.
“All parties are, therefore, advised in the interest of industrial peace and harmony to maintain the status-quo.”are, therefore, advised in the interest of industrial peace
