Banks retrenchment: NECA’s reaction to FG directive unpatriotic – Ngige

The Minister of Labour and Employment, Senator Chris Ngige, has described as irresponsible and unpatriotic reaction of the Director -General of the Nigeria Employers Consultative Assembly, NECA, Mr. Segun Oshinowo to the directive of the Federal Government to banks and other financial institutions to suspend the on-going retrenchment of workers in the sector pending the […]

The Minister of Labour and Employment, Senator Chris Ngige, has described as irresponsible and unpatriotic reaction of the Director -General of the Nigeria Employers Consultative Assembly, NECA, Mr. Segun Oshinowo to the directive of the Federal Government to banks and other financial institutions to suspend the on-going retrenchment of workers in the sector pending the outcome of a conciliatory meeting and stakeholders’ summit billed for the first week of July.
The minister in a statement  signed by the Deputy Director, Press, in the ministry, Samuel Olowookere said any reaction that tended to disrupt  the intervention by government  in any sector  of the economy in the overall interest of all Nigerians is ill intended.
Ngige  said  government  would  continue to intervene  to save banks and allied institutions and  the aviation industry, in times of distress without allowing the free market rules to solely reign, therefore forcing some of them to go under, stressing that the same government can equally make minimum demands from this private sector in the overall interest of the nation.
“We wish to state that the intention of government rather than being punitive on these financial institutions is to safeguard national interest by staving  off unnecessary job losses and hence avert its real and potential threat to the already fragile security situation and stability of the nation.
“May we also add that our directives to the banks are premised on set rules of engagement. That section 20 of the Labour Act is abundantly clear on redundancy and steps expected of institutions to safeguard not just their interests and that of their employees but also that of government who is the chief guarantor of industrial harmony,’’he said.
The minister  said  that the intention of government is that if the private sector could not  create  new jobs  as a result of downturn in the economy, it could  at least hold onto what exists by making little adjustments in the administrative and other expenditures.