The Senate’s decision was disclosed by the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim on Wednesday, June 8, 2016.

Minister of Labour and Employment, Chris Ngige has been summoned by the Senate for threatening to withdraw the licence of any bank that sacks its staff.

The Senate’s decision was disclosed by the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim on Wednesday, June 8, 2016, according to The Cable.

“The minister of labour made a statement threatening banks to stop retrenchment of staff. Banking being a very sensitive industry, any misguided statement can have a throwback on the industry‎; it can create a run on the banks,” Ibrahim said.

“As the chairman of the senate committee on banking and finance, we want to invite the minister, the central bank and the banks to know if they are talking about retrenchment and what will happen. We want to know the basis of the directive and the basis of the threat,” he added.

Ngige’s threat came after Ecobank and Diamond Bank conducted a mass retrenchment of staff.