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Senate Summons Chris Ngige Over Threat To Revoke Licences Of Nigerian Banks

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The chairman senate committee on banking, insurance and other financial institutions,‎ Rafiu Ibrahim, has said on Wednesday that the Nigerian senate has summoned Chris Ngige, minister of labour and employment, over his threat to withdraw the license of any bank that retrenches its staff.
We had reported it yesterday that while speaking on Tuesday at the 105th session of the International Labour Congress (ILC) in Geneva, Switzerland, Chris Ngige, warned that the federal government will sanction banks and telecommunication companies, which fail to comply with its order to suspend massive sack of their employees.

“The federal government gave the licences to the banks to operate and if its directives are not adhered to the licences will be withdrawn if the need arises.


“We want them to maintain the status quo. As far as I am the minister of labour, I will protect the interest of workers; same to the telecommunication companies, they are also talking about compiling lists without discussing with anybody,” Ngige said.
While hinting the decision of the senate in a point of order he raised on the matter on the floor of the senate on Wednesday, Senator Rabiu Ibrahim 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,” he said.
Senate President, Bukola Saraki only reacted cursorily to Ibrahim’s statement since he came under 43- which has to do with personal explanation. “They will come and meet before your committee isn’t it? So, it is just for our information,” he said.

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