The senate has on Wednesday summoned the Minister of Labour and Employment, Senator Chris Ngige, before its plenary, over his threat to withdraw the license of any bank that continues with the retrenchment of workers.
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, suggested the decision of the senate in a point of order he raised on the matter on the floor of the senate.
He said, “The Minister of Labour made a statement threatening banks to stop retrenchment of staff. 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.”
In a swift reaction to Ibrahim’s statement, the Senate President Bukola Saraki said: “They will come and meet before your committee isn’t it? So, it is just for our information.”