ASSBIFI Demands End to Casualisation, Outsourcing in Banks, Insurance Sectors

• Labour Ministry pledges reforms to protect workers in post-recapitalisation era

Sunday Ehigiator

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called for an immediate end to the casualisation and outsourcing of jobs in the banking, insurance and financial services sectors, describing the practice as “modern-day slavery.”

The Acting National President of ASSBIFI, Fanimokun Isaac Adesina, made the call yesterday in Lagos, at the association’s commemoration of the 2026 World Day for Decent Work.

Adesina said the theme of this year’s commemoration, ‘Young Workers Organising for the Future,’ was particularly relevant given the rapid transformation of the workplace through artificial intelligence (AI), digitalisation, automation, platform economy, algorithm management and outsourcing.

He said the changes in the world of work made it necessary for trade unions, employers and government to urgently address the growing displacement of permanent employment by casual and contract arrangements.

According to him, “Today in the banks, insurance and financial institutions, we have witnessed significant displacement of permanent decent work with casual, contract employees, and third-party outsourcing.

“Graduates with commanding degrees-and professional qualifications are employed as contract and casual staff with no pension, no health cover, no jobs security, no collective bargaining rights, and sometimes the worker is compelled to sign-off his freedom of association entitlement before or during employment. This is not only indecent work, but modern-day slavery.”

The ASSBIFI president urged managements and employers, particularly in the banking, insurance and financial sectors, to respect workers’ rights to freedom of association and collective bargaining.

He specifically called for compliance with the Nigerian Constitution and International Labour Organisation (ILO) Conventions 87 on Freedom of Association and 98 on Collective Bargaining, as well as Convention 158 on Termination of Employment.

Adesina also demanded living wages and improved social protection for workers, rejecting what he described as inadequate remuneration that could not meet the rising cost of living.

“We demand end to indecent work. The worker deserves living wages, not the seventy-thousand-naira stipend’ that does not take the worker to the bus-stop.

“We demand wages that enhance living standards, and social protection that guarantees dignity and after-work survival,” he said.

He further called on workers to acquire new skills as technology continues to reshape employment, warning that artificial intelligence and robotics were already displacing some workers.

“The future belongs to skilled workers. Digital skills, Artificial Intelligence and robotics are already displacing many workers. We must equip ourselves with evolving workplace technologies and digital skills to improve performance and productivity to remain relevant in the world of work,” he said.

Adesina also stressed the importance of trade unionism in protecting workers’ interests, saying collective action remained critical in dealing with workplace challenges.

“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.

He called on the federal government to urgently implement measures to reduce the cost of food, transportation, healthcare, housing and education, while also improving security.

“A situation whereby the National Minimum wage cannot buy a bag of rice is absurd, a situation whereby the National Minimum wage cannot pay monthly house rent for an average family of six is absurd, a situation where the National Minimum wage cannot provide three square meals for an average Nigeria family of four for two weeks is nothing but slavery. Workers are not Slaves, we must be treated with the dignity that decent work reflects.”

The ASSBIFI president also demanded an urgent review of Section 12(4) of the Trade Union Act, which he alleged had been abused by employers to discourage workers from joining trade unions.

He equally called for the urgent review and renewal of ASSBIFI’s Sector Wide Collective Bargaining Agreement, which he said had been due since 2007.

“All efforts to renew this Agreement had been frustrated by the Management and employers in the Banks, Insurance and Financial Institutions,” he alleged.

Adesina further urged the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), and other regulatory agencies to make decent-work compliance a corporate governance requirement for organisations in the financial sector.

He also called for the ratification of ILO Convention 158 on Termination of Employment, noting that Nigerian courts had already recognised and applied its principles in resolving labour disputes.

On gratuity, he urged employers to restore payments to deserving employees, arguing that workers should receive benefits for years of service.

Meanwhile, the Federal Ministry of Labour and Employment has pledged to continue working with stakeholders to strengthen labour protections for young workers as the banking and insurance industries undergo recapitalisation and technological transformation.

The Zonal Director, South-west, Federal Ministry of Labour and Employment, Mrs. Mienye Badejo, who represented the State Controller at the event, said ongoing recapitalisation in the financial sector should not come at the expense of workers’ welfare and job security.

She said, “Recapitalisation is reshaping the landscape of banking and insurance across the financial sector. The young workers are at the centre of this transition or reforms.

“Although, these reforms are necessary and meant to strengthen the capital bases, technology and market performance. However, this should not be at the expense of the workers, job security, fair wages, career development and the respect for workers.”

Badejo identified job displacement arising from automation and restructuring, technological changes, high performance pressures and uncertain employment conditions as some of the challenges facing young workers.

She said young workers must be given opportunities to participate in decision-making, policy discussions, workplace reforms, technology transition and industry development.

“The ministry will continue to liaise with all critical stakeholders and push for the review of relevant extant labour laws to make them more compatible with emerging hybrid and flexible working arrangement,” she said.

Badejo called for continued consultation among government, employers and workers, stressing that “the tripartite mantra of mutual trust, fairness and respect with focus on continuous consultation among social partners remain the basis for overcoming most of the challenges.”

Also speaking, the National President of the Precision, Electrical and Related Equipment Senior Staff Association (PERESSA), Rufus Olusesan, said decent work must guarantee dignity, fair remuneration and protection for workers.

Olusesan said young Nigerians were increasingly confronted by precarious employment, low wages, migration pressures and exploitation in the digital economy.

“Work must not just provide income, it must provide dignity. Unfortunately, under capitalism, workers who create the wealth benefit only crumbs as wages,” he said.

He called on government to invest in skills and create stable jobs, while urging employers to end the casualisation of young workers.

“To Employers: Stop the casualization of young workers. A young worker on a 3-month contract renewed for 5 years is not a worker, he is an industrial slave being brutally exploited,” Olusesan said.

He urged young workers to organise and acquire new skills, stressing that collective action remained essential to securing their future.

“To Young Workers Themselves: Organize and fight for today and your future! The only job security you have is in your solidarity. Join a trade union, speak up, learn new skills, and demand your seat at the table where decisions about your future are made.”

Olusesan further advocated broader economic reforms, saying the struggle for workers’ rights should extend beyond workplace demands.

“The future will not be gifted to young workers; it must be fought for through sustainable struggle,” he said.

He added that Nigeria should build an economy where young people could secure decent employment without being forced to seek opportunities abroad.

“On this World Day for Decent Work, let us commit to building a future where our young people don’t have to run away from Nigeria in often unsuccessful search for decent work – but can find decent work in Nigeria,” he said.