Senate Summons Ngige, CBN Over Threat To Banks

The Senate, Wednesday, summoned the Minister of Labour and Employment, Senator Chris Ngige over his threat to sanction and withdraw licences of banks that sack their staff.

This came following a motion of personal explanation by the Chairman, Senate Committee on Banking and other Financial Institutions, Senator Rafiu Ibrahim.

According to him, any misguided statement or directive may cause a setback in the industry.

“Without any prejudice to the position of the minister, we want, as the Chairman Senate Committee on Banking, Insurance and other Financial institutions for us to invite the minister, the Central Bank and the banks to know if they are talking at all about retrenchment and what will happen,” he said.

He added that all the banks in the country are private companies or unquoted companies. “So we want to know the basis of the directive and now the basis of the threat,” he said.

Commenting, Senate President, Bukola Saraki said: “Senator Rafiu Ibrahim brought this matter to me and he has come under personal explanation of which there would be no further debate.”

He asked those invited to appear before the committee.