I never said FG will revoke Banks’ licences – Ngige


Honourable Minister of Labour and Employment, Dr. Chris Ngige has stated that he was quoted out of context in his warning to managements of financial institutions in the country to stop further retrenchment of workers or risked being sanctioned.



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Ngige made the clarification today at a meeting summoned by Senate Committee on Banking, Insurance and other Financial Institution, over his threat to banks on the mass retrenchment of staff.

The labour minister in Geneva while addressing newsmen on the sideline of the 105th session of the International Labour Conference (ILC) said “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Government gave the licences to the banks to operate and if its directives are not adhered to the licences will be withdrawn if the need arises.”

But today at the meeting the Senate committee, the former Anambra Senator said he never said  the Federal government will retrench bank’s licences.

“We never said we’re going to retrench banks’ licenses,” Ngige was quoted at the gathering today.

In his reaction,  Chairman of the Committee, Senator Rafiu Ibrahim (APC, Kwara  North), said he was glad that the minister came before the committee to make the clarification.

He furthered that, the Senate will work with the labour ministry to ensure Nigerian workers are treated with all nobilities deserved by them.

The public debate also witnessed that presence of Nigeria Labour Congress President, Comrade Ayuba, representative of Central Bank of Nigeria, Access Bank, Diamond Bank, Ecobank,  Trade Union Congress (TUC) among other participants.

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