Labour decries sack gale in banks, urges halt


Banking hall

Banking hall

The Nigerian Labour Congress (NLC) has described as unacceptable ongoing mass retrenchment of workers in the banking sector, saying the development puts the economy at a greater risk.

A council member (NLC) and chairman, Industrial Global Union Sub Saharan Africa, Issa Aremu, who registered the central labour body’s displeasure in a statement yesterday in Kaduna, however commended the Minister of Labour and
Employment, Chris Ngige and the National Assembly for their intervention.

“Banks who see workers as dispensable items during temporary economic shock even when they treat same workers as slaves during times of boom ought not to be in business and indeed should have their licences legitimately revoked,” Aremu said.

He continued: “At a time all the states and market actors in Nigerian economy are working hard to address the crisis of unemployment, mass sack in banks that are still posting prohibitive profits can be likened to economic sabotage”.

The labour leader lauded the Central Bank of Nigeria (CBN) on measures to ensure stability in the financial sector and the economy, urging the apex bank to intervene on the side of job retention in the financial sector.”

He particularly applauded the ‘activist’ development financing role of the CBN under Governor Godwin Emefiele, which according to him, had promoted job creation in critical sectors like agriculture, energy and textile.

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