FG to Revoke Licences of Banks who Violate ‘No Sack’ Order

The federal government has threatened to sanction banks and telecommunication companies, which fail to comply with its order to suspend retrenchment, pending wide consultations.

Minister of labour and employment Chris Ngige, gave the warning at the 105th session of the Int'l Labour Congress (ILC) in Geneva, Switzerland. He expressed shock that the directive was disregarded.

His words: “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government gave the licences to the banks to operate and if its directives are not adhered to the licences will be withdrawn if the need arises.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 will go a step further if they continue. We know what to do. They need to comply. They need to come to the negotiation table. We halted the spate of sack in the oil industry and we succeeded."