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By Chukwuma Umeorah
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) says the recently concluded recapitalisation exercise has not led to job losses, easing fears of mass layoffs, as the union moves to safeguard workers’ interests.
Acting president of ASSBIFI, Nike Joseph, in an interview with Daily Sun’s Workforce, stated that the union is closely monitoring developments across the sector to ensure that workers are protected as the process unfolds. “As of today, there has been no report of job loss. However, we have our eyes on them; we are monitoring. But as of today, we don’t have any record of job loss as a result of recapitalisation,” she said.
The recapitalisation exercise, which requires banks to meet higher capital thresholds, has raised concerns among employees about possible restructuring, mergers or licence adjustments that could affect jobs.
Joseph noted that with the process just concluded, its outcome is expected to strengthen the banking system and improve stability.
Beyond direct employment concerns, Joseph also highlighted the challenge posed by contract staffing, particularly in tracking employment trends and ensuring adequate protection for workers who are not unionised.
“It is a problem in all sectors. It stems from provisions in the Labour Act that allow volunteerism. Organisations present this to new employees, and for someone who has been unemployed for years, they tend to accept whatever is offered,” she said.
She said ASSBIFI is advocating improved conditions for contract staff, including clearer career progression and safeguards against short-term employment practices.
“We are making efforts to ensure that even contract staff have a life and a career path. You don’t just employ people for one or two years and throw them out of the system,” she said.
Joseph added that the union is working with the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) to expand unionisation among contract workers and provide them with representation.
“We are working with our junior counterpart to ensure that even those on contracts have a way to be unionised and have a voice. The fact that you are on contract does not mean you cannot organise yourself,” she said.
She further disclosed that the matter has been taken up with the Federal Ministry of Labour and Employment as part of broader efforts to address structural issues affecting workers in the sector.
“We have taken it to the Ministry of Labour, and we are working with them to ensure that this comes to pass,” she added.
The union said it would continue to monitor the recapitalisation process and engage relevant stakeholders to safeguard workers’ interests.
