Senate summons Ngige over threat to banks

The senate has summoned Chris Ngige, minister of labour and employment, over his threat to withdraw the license of any bank that retrenches its staff.

Rafiu Ibrahim, chairman senate committee on banking, insurance and other financial institutions,‎ hinted the decision of the senate in a point of order he raised on the matter on the floor of the senate on Wednesday.



“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,” he 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.”

Senate President Bukola Saraki only reacted cursorily to Ibrahim’s statement since he came under 43- which has to do with personal explanation.

“They will come and meet before your committee isn’t it? So, it is just for our information,” he said.