The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has demanded an end to casualisation and third-party outsourcing in banking and insurance.
Its Acting National President, Mr Isaac Fanimokun, made the demand on Wednesday in Lagos at the association’s 2026 World Day for Decent Work commemoration.
Fanimokun said the theme, ‘Young Workers Organising for the Future,’ was apt, given the challenges confronting young workers and the changing world of work.
He said artificial intelligence, digitalisation, automation, the platform economy, algorithmic management and outsourcing were reshaping employment.
According to him, banks, insurance companies and other financial institutions had witnessed significant displacement of permanent jobs by casual and contract employment.
He said the trend was particularly evident through third-party outsourcing, leaving many graduates without adequate employment protections.
Fanimokun said many graduates with degrees and professional qualifications were employed as casual and contract staff without pensions, healthcare, job security and collective bargaining rights.
He described the practice as “not only indecent work, but modern-day slavery.”
The labour leader urged employers to respect workers’ freedom of association and collective bargaining rights under Nigerian law and relevant International Labour Organisation (ILO) conventions.
He also called for living wages and social protection, urging the Federal Government to reduce the cost of food, transportation, healthcare, housing and education.
Fanimokun further called for improved security and urged workers to acquire digital skills and continually reskill and upskill.
He said technology was transforming the workplace and workers needed to remain relevant in the changing employment environment.
“Trade unionism must be sustained. We cannot confront the capitalist employer in our individual capacities; togetherness is our strength.
“Our mantra in ASSBIFI is ‘together we bargain, divided we beg’, ” he said.
Fanimokun called on the Central Bank of Nigeria, National Insurance Commission and other regulators to make compliance with decent work standards a corporate governance requirement.
He also demanded an urgent review of Section 12(4) of the Trade Union Act, alleging that some employers used it to discourage workers from joining unions.
Fanimokun called for the renewal of ASSBIFI’s sector-wide collective bargaining agreement, which he said had been due since 2007.
He also urged the Federal Government to ratify ILO Convention 158 on termination of employment.
He said employers should follow due process when terminating employment and pay appropriate compensation to affected workers, in line with labour laws.
The labour leader also urged employers to pay gratuity to deserving employees in line with the recent government directive.
Fanimokun said vulnerable workers could strengthen their position through collective power and unity.
“United we can change our story, united we can influence government policies, united we can ensure decent work. Unity is our strength. Decent work is our right,” he said.
In a goodwill message, Mrs Mienye Badejo, Zonal Director, South-West, Federal Ministry of Labour and Employment, said recapitalisation presented opportunities and uncertainties for young workers.
Badejo, represented by an Assistant Director, Franca Shaahu, said recapitalisation was reshaping the financial sector.
She, however, said the process should not come at the expense of workers’ job security, fair wages, career development and welfare.
Badejo said young workers faced job displacement from automation and restructuring, high performance pressures and uncertain working conditions.
She urged stakeholders to involve young workers in decision-making, policy discussions, workplace reforms, technology transition and industry development.
Badejo said workers should be provided with secure jobs, continuous skills development and decent work opportunities.
“The post-recapitalisation era should bring not only strong banks and insurance companies, but stronger careers, institutions and stronger futures,” she said.
She said the ministry would continue engaging stakeholders and pushing for reviews of labour laws to accommodate emerging hybrid and flexible working arrangements.
Badejo urged social partners to embrace mutual trust, fairness, respect and continuous consultation in addressing industrial relations challenges. (NAN)
