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Reactions as Skye Bank Plc sacks 175 ‘illegally’


Skye Bank Plc on Monday fired 175 staff in continuation of the ongoing mass retrenchment of staff in the banking sector.

The bank disengaged the staff despite restrictions placed by the Federal Government on financial institutions from dismissing their staff pending the July 2 meeting of stakeholders.

The federal government also proclaimed illegal, any form of retrenchment in the sector before the July 2 meeting.

“Following spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the on-going retrenchment pending the outcome of the conciliatory meetings in the industry,” The Minister of Labour, Dr. Chris Ngige said in a statement late Friday.

“In this wise, all the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold pending the outcome of the proposed stakeholders’ summit for the banking, insurance and financial institutions’ employers and employees, slated for July 2.”

But Skye bank has become the first bank to disregard the FG’s directive. Sources close to the bank also revealed that many of the sacked workers have picked their disengagement letter at the Victoria Island, Lagos headquarters of the bank after they were paid off.

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