Minister of Labour and Employment Chris Ngige has said the Federal Government will not tolerate disobedience of labour laws and regulations. He warned financial institutions to obey the rules.
He spoke at an interactive session with stakeholders in the banking and finance sector on the recent mass retrenchments of workers by some banks. The minister held a similar meeting with labour leaders in the banking and financial sector on Wednesday. He said:
“You must obey all laws of the land, including labour laws, such as the Trade Union Act, T14 law of the federation concerning redundancy and the Trade Dispute Act, which deals with the management of trade disputes including employee-employers’ relationship”
The minister said as a signatory to the International Labour Organisation (ILO) conventions, which promote decent jobs and frowned at unfair labour practices, Nigeria cannot afford to be found wanting.
He said his intervention in the mass sack was not an undue interference, but a proactive measure aimed at finding a lasting solution to the looming industrial unrest in the sector.
Speaking on behalf of banking and finance regulators, the representative of the Central Bank of Nigeria (CBN), Mr. Kolawole Balogun, expressed the determination of the CBN to reduce unemployment through diversification of the economy.