December 21, 2009

The Federal Government has expressed concern over the mass sacking of workers in the banking sector.It said through the Minister of Labour and Productivity, Chief Adetokunbo Kayode (SAN), that it would not allow any action by bank managements that could cause a labour crisis in the country. Kayode, in a statement on Sunday by an Assistant Director in charge of Media in the Ministry of Labour and Productivity, Mr. Samuel Olowookere, therefore, directed the banks to stop the lay-offs.

But the Central Bank of Nigeria rose in defence of the banks, saying that they (banks) needed to shed “excess fat” in order to remain healthy.The statement by Olowookere, which was made available to one of our correspondents, said that the Federal Government would meet with the CBN and the top managements of the banks to deliberate on the issue.