The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) is pushing for regulatory action to strengthen protections for workers in the sector. Acting National President of ASSBIFI, Fanimokun Adesina, made the demand at the association's 2026 World Day for Decent Work celebration. He cited the rapid transformation of employment in the banking, insurance, and financial services sectors due to artificial intelligence, digitalisation, automation, and outsourcing.
Adesina said the sector has witnessed significant displacement of permanent employment by casual, contract, and third-party outsourced jobs. Many graduates and professionally qualified workers are employed without pension, health insurance, job security, or collective bargaining rights. Some workers are also compelled to surrender their freedom of association rights before or during employment. ASSBIFI is calling on the Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), and other regulatory agencies to make compliance with decent-work standards a mandatory corporate governance requirement.
The union's demands are based on International Labour Organisation (ILO) Conventions 87 and 98, which emphasize workers' rights to freedom of association and collective bargaining. Adesina urged the CBN, NAICOM, and other regulators to ensure that financial institutions treat decent work as part of their corporate governance responsibilities, rather than as a voluntary workplace practice. He also called for an urgent review of the Trade Union Act to prevent employers from exploiting its voluntarism provision to intimidate or discourage workers from joining trade unions.
Supporting the need to adapt labour regulation to changing workplace realities, the Zonal Director, Southwest and State Controller, Federal Ministry of Labour and Employment, Mienye Badejo, said the government would work with stakeholders to review existing labour laws. The review is necessary as technological changes and evolving workplace practices continue to reshape employment, particularly in the banking and insurance industries. Badejo emphasized the need for stronger labour protections capable of responding to new forms of employment without compromising workers' rights and welfare.
Badejo called for greater consultation among government, employers, and workers, saying mutual trust, fairness, and respect are essential to resolving challenges arising from changes in the world of work. She urged employers and workers in the financial sector to ensure that the post-recapitalisation era produces not only stronger banks and insurance companies but also stronger careers and better prospects for young workers. The transition should not come at the expense of job security, fair wages, career development, and respect for workers.
Adesina also demanded the ratification of ILO Convention 158 on termination of employment, citing its principles have already been recognised and applied by Nigerian courts in labour disputes. The ASSBIFI leader further called for the immediate renewal of the ASSBIFI Sector-Wide Collective Bargaining Agreement, which has been due since 2007. He alleged that efforts to renew the agreement have been frustrated by employers and management in the sector.
On the rising cost of living, Adesina urged the Federal Government to take urgent measures to reduce the cost of food, transportation, healthcare, housing, and education. He described the N70,000 national minimum wage as inadequate to guarantee a decent living, saying workers are increasingly unable to meet basic household needs. The union also demanded the restoration of gratuity payments to deserving employees, arguing that the withdrawal of such benefits by organised private-sector employers following government directives is unjustified.
Key points
- ASSBIFI is pushing for mandatory decent-work compliance requirements for banks, insurers, and financial institutions.
- The union cites ILO Conventions 87 and 98, emphasizing workers' rights to freedom of association and collective bargaining.
- The government plans to review existing labour laws to adapt to changing workplace realities.
