FG reassures bank workers amidst threatening job losses in financial sector

The Minister of Labour and Employment, Muhammadu Dingyadi, has reassured Nigerian workers that the Federal Government remains firmly committed to strengthening social dialogue, safeguarding labour rights and promoting policies that support sustainable economic progress.
Speaking in Lagos at the 12th Triennial National Delegates’ Conference of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Dingyadi, represented by a senior official, Mr. Clement Fatoki said the theme, “Solidarity in Action: Building Workers’ Power and Confronting Hardship,” was timely and reflective of the realities facing the nation.
He noted that unity and collective action were indispensable as the country continues to navigate economic challenges, adding that ASSBIFI members occupy strategic positions in a financial sector critical to Nigeria’s stability and growth.
But the atmosphere at the conference was far from celebratory. ASSBIFI President, Olusoji Oluwole, who was rounding off his three-year tenure, raised pointed concerns about the likely fallout of the ongoing banking recapitalisation exercise.
Oluwole warned that mergers and acquisitions, expected as banks recapitalise could trigger mass job losses if not managed responsibly. “We have communicated our worries formally to the Central Bank of Nigeria,” he said. “The last recapitalisation left scars. We cannot afford another wave of job losses, exploitation and hardship for bank workers.”
He urged the CBN to involve the union in all negotiations relating to job security and compensation, insisting that workers must not be treated as collateral damage in the financial restructuring process.
The ASSBIFI President also renewed calls for the review of the Trade Unions (Amendment) Act 2005, arguing that the clause on voluntary membership has been weaponised by employers to weaken union structures. 
“Our current system intimidates and suppresses trade unions,” he declared. “Some employers and even state governments have become increasingly hostile to labour.”
Oluwole criticized what he described as the “Japanese syndrome,” lamenting that thousands of union members had been lost due to practices that violate both national and international labour standards. 
According to him, replacing experienced staff with cheaper labour may seem like a cost-saving measure, but ultimately undermines institutional strength.
In a solidarity message, Rufus Olusesan, President of the Precision, Electrical and Related Equipment Senior Staff Association (PERESSA), said workers across sectors were grappling with worsening hardship, rising job insecurity and escalating employer demands without corresponding welfare improvements. He commended ASSBIFI for promoting internal democracy and keeping workers’ voices at the centre of labour advocacy.
The conference also took time to recognise key supporters of the labour movement. The Labour Writers Association of Nigeria (LAWAN) received an award for its consistent collaboration in defending workers’ rights. The body in turn honoured its immediate past president, Oyinkansola Olasanoye alongside other distinguished contributors to labour development.
Meanwhile, developments within ASSBIFI’s leadership added another layer of tension. Oluwole formally handed over after completing his constitutional three-year tenure during a brief ceremony held on the sidelines of the conference.
He transferred leadership to the most senior member of the Executive Committee, Nike Joseph, who will serve as Acting President pending the outcome of an ongoing court case. 
The handover became necessary because the union was unable to elect new members into the Central Working Committee (CWC), following a court order directing all parties to maintain the status quo.
The suit, filed by Amina Danesi and four others against ASSBIFI, has stalled the union’s electoral process and placed its internal structures in a holding pattern.
Despite the uncertainties, workers who attended the conference said they were hopeful that the union would emerge stronger. “This period calls for unity and vigilance,” one delegate remarked. “We trust that the leadership will stay focused on protecting our interests while the court process runs its course.”
As the financial sector braces for the impact of recapitalisation, labour leaders say the government and regulators must act swiftly and responsibly to avoid repeating the painful mistakes of the past.