Minister of Labour and Employment, Chris Ngige, has been told to appear before the Senate over his threat to withdraw the license of any bank that retrenches its staff.
The Senate said it finds the threat alarming and could create more problems.
Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim, said Ngige “made a statement threatening banks to stop retrenchment of staff.”
He noted that “banking being a very sensitive industry, any misguided statement can have a throwback on the industry; it can create a run on the banks.”
“As the chairman of the senate committee on banking and finance, we want to invite the minister, the central bank and the banks to know if they are talking about retrenchment and what will happen.
“We want to know the basis of the directive and the basis of the threat,” he said
