Govt cautions banks against mass sack

From Collins Olayinka, Abuja

AGAINST the backdrop of recent cuts in staff strength by some financial institutions in the country, the Federal Government has warned the managements of banks not to sack their workers en masse to save their overhead expenses.

Minister of Labour and Productivity, Adetokunbo Kayode, issued the government's charge in Abuja at the weekend.

Kayode, who acknowledged the problems posed to the business community as well as government by the global economic meltdown, explained that the development should be a challenge to visionary managers of the economy to diversify it and not an excuse to retrench workers.

The Labour Minister warned that government would not tolerate mass retrenchment in the banking sector, hence his resolve to meet with all stakeholders in the banking industry, including the Central Bank of Nigeria (CBN).