Senate summons Ngige, Emefiele to explain retrenchments in banks

Godwin Emefiele, CBN governor

The Senate has summoned the Minister of Labour and Productivity, Dr Chris Ngige, CBN Governor, Mr Godwin Emefiele and bank chiefs, to appear before its committee on Banking, Insurance and other Financial Institutions over current retrenchments in banks.

This followed a point of order raised by the Chairman Committee on Banking, Insurance and other Financial Institutions, Sen. Rafiu Ibrahim, on the floor of the senate on Wednesday.

The chairman said his attention was drawn to media reports on Wednesday over alleged directive given to banks by Ngige to suspend ongoing retrenchments.

He said it was necessary for the minister and other stakeholders to appear before the senate to give explanations on the directive.

The lawmaker argued that given the sensitive nature of the industry, any misguided statement could have negative effect on the economy.

“Without any prejudice to the position of the minister, as chairman of the committee on banking, insurance and other financial institutions, we need to invite the minister.

“We also need to invite the Central Bank and banks to know if they are talking at all about retrenchment because all the banks in Nigeria are private companies.

“We want to know the basis of the directive and the basis of the threat,’’ Ibrahim said.

The President of the Senate, Dr Bukola Saraki, confirmed that Ibrahim spoke to him on the matter, which he said, was generating concern among relevant stakeholders.

“Sen. Ibrahim brought this matter to me and there will be no further debate. They will come and meet before the committee.’’

Ngige had on June 3 directed banks, insurance and financial institutions to suspend their ongoing retrenchments that had swept off hundreds of workers.