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  • ASSBIFI issues ultimatum on 100 sacked workers

    ASSBIFI issues ultimatum on 100 sacked workers

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has issued an ultimatum to the management of Unity Bank Plc, requesting the recall of over 100 staff whose appointments were allegedly terminated few days ago.

    The union has given the bank until January 8, 2026 to address the matter.

    Sources within the bank confirmed that the terminations were carried out on January 1, 2026, following a directive from the management, instructing the Human Resources Department to issue termination letters to the affected staff and deactivate their access to official work systems.

    ASSBIFI described the action as a violation of due process, stating that it caused distress among the affected employees.

    The union also recalled that the bank had previously reached an agreement with staff unions that no employee would be disengaged as a result of the merger between Unity Bank Plc and Providus Bank Plc without consultation and adherence to established procedures.

    The affected employees have alleged wrongful termination, lack of consultation, and non-compliance with the Nigerian Labour Act and provisions of the merger agreement.

    On January 2, 2026, ASSBIFI wrote to the Managing Director/Chief Executive Officer of bank in a letter signed by its Acting President, Nike Joseph, requesting the immediate reversal of the termination of 42 staff members already identified by the union.

    The letter warned that failure to comply could result in industrial action.

    READ ALSO: Reading Nigeria’s governance signals

    The union also called for the withdrawal of all termination letters and requested a meeting with the bank’s management to resolve the issue amicably.

    According to ASSBIFI, an ultimatum has been issued for the matter to be resolved by January 8, 2026 to avoid further action.

    Commenting on the development, Comrade Basah Mohammed, a civil society practitioner and public affairs analyst, said the situation reflected challenges that often accompany corporate restructuring and mergers, where workers are sometimes adversely affected.

    Mohammed asserted: “No one is pretending that mergers do not come with hard decisions. They do. But people matter, and how those decisions are taken matter even more. If there was an understanding that staff would not be disengaged without consultation, then breaking that understanding is not just a procedural issue. It is a trust issue.

    “For many of these workers, this is not just a job loss on paper. It is rent, school fees, family responsibilities, and years of service suddenly reduced to a termination letter. That human cost should never be an afterthought, especially in a rescue merger that was meant to stabilise confidence, not deepen anxiety.

    “This is also where regulators must be firm. Saving a bank should not mean weakening labour protections or ignoring agreed processes. Transparency, dialogue, and fairness are not luxuries. They are what keep institutions credible.

    “At this point, escalation helps no one. The bank, the union, and regulators need to sit down, revisit what was agreed, and resolve this with empathy and honesty. Strong institutions are built when people feel respected, not discarded.”

    As of the time of filing this report, the bank has yet to issue an official response to the union’s claims.

  • ASSBIFI President completes tenure

    ASSBIFI President completes tenure

    National President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Olusoji Oluwole, has handed over after completing his constitutional three-year tenure.

    In a brief handover ceremony, Oluwole transferred leadership to the most senior Executive Committee member, Comrade Nike Joseph, who will serve as Acting National President pending the determination of an ongoing court case.

    The union was unable to elect new members into the Central Working Committee (CWC) due to a court order directing parties to maintain the status quo inter bellum in a suit filed by Comrade Amina Danesi and four others against ASSBIFI.

    Read Also: ASSBIFI President highlights recapitalisation impacts on banking sector

    The development took place during the 12th Triennial National Delegates’ Conference held from November 21 to 22, 2025, at the ASSBIFI Events Centre, Alausa, Ikeja, Lagos.

    According to a statement issued by the ASSBIFI National Secretariat, the conference also deliberated on key welfare issues affecting members and voted Rivers State as host for the next National Delegates’ Conference.

  • Nigeria’s economy on recovery path, says ASSBIFI

    Nigeria’s economy on recovery path, says ASSBIFI

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has stated that Nigeria’s economy is on a recovery path, crediting the progress to strategic government policies.

    Speaking with The Nation, ASSBIFI President Olusoji Oluwole highlighted signs of gradual economic stabilisation.

    “To be candid, it has not been easy in the last year. The level of inflation, which led to job losses, was very high, and there was confusion everywhere. However, recent happenings show that the economy is picking up,” he said.

    “For instance, the operations of Dangote Refinery, as well as the Port Harcourt and Warri refineries, are a plus for the economy. The naira also seems to have stabilised,” he said.

    Oluwole described the ongoing recapitalisation of banks as a positive development for economic growth, noting that many banks have successfully completed the first phase and others are expected to meet the requirements.

    “The issue of recapitalisation is good for economic growth. Many banks have gone through the first phase, and with the way things are going, many more will meet up,”

    He also highlighted the regulatory efforts of the Central Bank of Nigeria (CBN) in strengthening financial institutions.

    “In the last two months, the CBN has been very compliant and conscious in ensuring that banks and other financial institutions follow laid-down procedures in their operations.

    Read Also: BAT boosts economy with N500b taxes, 350,000 jobs

    “This is restoring confidence in the system ahead of full recapitalisation. The CBN is carrying out proper monitoring and guidance to ensure that policies are effectively implemented,”

    On the welfare of bank workers, Oluwole assured that ASSBIFI is engaging with bank management and other stakeholders to protect workers’ rights, especially as recapitalisation may lead to mergers.

    “In the event of mergers, as indicated a few months ago, we have already met with the management of the banks involved, especially those that are not unionised. We have also notified the CBN, the Ministry of Labour, and other stakeholders.

    “What we expect from most banks is business expansion, which will help protect the livelihood of our members and minimise job losses. However, job losses may still occur for various reasons, and we are working to safeguard our members’ interests,”

    Addressing concerns about Artificial Intelligence (AI) replacing jobs in the banking sector, he urged workers to embrace technological advancements as a means of enhancing productivity rather than a threat.

    “Workers must ensure they improve their knowledge and skills in technology. The work environment is dynamic, nothing remains the same, and everything keeps changing,” he advised.

    Comrade Oluwole further cautioned bank management against losing experienced staff due to the ongoing “Japa” syndrome, where skilled professionals leave the country for better opportunities abroad.

    “Many of those who remain in the sector are highly experienced, and training new workers will not be easy given the sensitivity of banking jobs. It would not be wise for management to start discarding the few experienced staff still on the ground.” he warned.

  • ASSBIFI President highlights recapitalisation impacts on banking sector

    ASSBIFI President highlights recapitalisation impacts on banking sector

    The President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), Mr Olusoji Oluwole, has called for deliberate measures to address the challenges posed by recapitalisation in Nigeria’s banking sector, while also emphasising the importance of journalism in navigating complex financial landscapes. 

    Oluwole made these remarks at a capacity-building workshop for business editors organised by the Association of Business Editors of Nigeria (ABEN) in Lagos.

    He explained that the recapitalisation wave, driven by mergers and acquisitions, is reshaping the sector, describing the consolidation as inevitable, with the potential to create dominant players while displacing employees in overlapping roles.

    “While this may lead to increased demand for specialised skills in certain areas, it also raises concerns about potential job displacement for employees in overlapping roles. The focus for ASSBIFI is to ensure a smooth and equitable transition for all employees affected by these mergers and acquisitions,” he said.

    He assured that ASSBIFI would engage proactively with stakeholders to mitigate the impact on workers, advocating fair compensation packages that reflect the increased capital base of merged entities. 

    “Our primary objective is to navigate these organisational changes effectively, address potential redundancies, and ensure equitable treatment for all employees impacted by the recapitalisation process,” Oluwole stated. 

    He stressed the importance of open communication and collaboration with workers’ unions to ensure a smooth transition during mergers and acquisitions. 

    A former President of the Institute of Chartered Accountants of Nigeria (ICAN), Mr Doyin Owolabi, also spoke at the event, highlighting AI’s ability to revolutionise financial reporting and analysis. 

    “AI accelerates data analysis, improves forecasting, and enhances customer service while reducing human errors,” he said. “However, the human element in navigating complexities and providing strategic value remains unmatched by machines.” 

    Owolabi projected that while roles such as cashiers and telemarketers may face automation by 2030, AI would complement rather than replace human expertise in the financial sector. 

    “AI streamlines processes and boosts productivity, but it will always require human oversight to navigate ethical and strategic complexities,” he remarked. 

    Read Also: Banking sector positioned to drive sustainable growth -CIBN

    Oluwole also raised concerns about casualisation in the banking sector, acknowledging progress made by financial institutions in complying with labour regulations. However, he called for stricter monitoring to ensure that workers’ rights are fully protected. 

    “Compliance has improved, but we must remain vigilant to protect the rights of employees in the sector,” he said. 

    At the same event, Oluwole underscored the role of journalism in human empowerment and knowledge acquisition.

    He commended the Association of Business Editors of Nigeria (ABEN) for organising the capacity-building training with the theme “The Intersection of Finance, Technology, and Innovation: Decoding Financial Reports, Blockchain Technology, and Artificial Intelligence.”

    “This training aims to equip journalists with the skills to critically analyse AI-generated reports and raise pertinent questions before dissemination to the public,” he said.

    He stressed the need for journalists to adapt to the evolving financial landscape by informing, educating, and entertaining their audiences dynamically.

    Oluwole also discussed the dual impact of artificial intelligence (AI) on financial reporting and banking. While acknowledging its efficiency in streamlining processes, he warned about vulnerabilities such as manipulation and its role in enabling fraudulent activities like unauthorised withdrawals.

  • Association urges govt, employers to promote decent work

    Association urges govt, employers to promote decent work

    The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has called on the government, employers, and workers to collaborate in promoting decent work and deepening democracy in the country.

    According to ASSBIFI, achieving these goals requires a commitment from all parties to create the right environment and enact necessary laws.

    Speaking at an event in Lagos marking the World Day for Decent Work, the association President, Olusoji Oluwole emphasised the importance of partnership among key stakeholders, government, employers, and labour.

    He said that such collaboration is essential for fostering democracy, peace, and decent work conditions.

    “Employers and workers must develop mutual trust and respect, recognizing that both parties contribute to generating profit. None should be reduced to a subordinate role or exploited as mere tools. Workers must be treated with respect and dignity because their contributions are vital to wealth creation and nation-building,” said Oluwole.

    He also highlighted the need for the government to address social and economic imbalances, protect workers’ rights, and ensure fair wages, social protection, and job security.

    Read Also: Association of Ibusa Professional Women lifts 600 with free medicare

    According to Oluwole, the absence of these elements in a democracy has led to societal challenges, including economic crises, insecurity, and social injustice.

    “Decent work is a fundamental right, not a privilege,” Oluwole stated, stressing that democracy plays a crucial role in ensuring workers’ well-being.

    He urged the government to enact laws that safeguard workers’ rights, noting that the amendment of the Labour Laws, which began in 2004, is still incomplete after two decades.

    Oluwole also criticised the exploitation of trade unions, citing the Trade Union (Amendment) Act of 2005, which makes union membership voluntary but has been used by some employers as a tool to deny workers the right to join unions.

    He called for stronger enforcement of labour laws to curb unfair practices in workplaces.

  • Recapitalisation: We are prepared for job losses, says ASSBIFI President

    Recapitalisation: We are prepared for job losses, says ASSBIFI President

    As banks battle to meet the recently announced minimum wage capital requirement by the Central Bank of Nigeria (CBN), the Association of Senior Staff of Banks , Insurance and Financial Institution (ASSBIFI) have assured workers in the industry  that their interest will be protected as the union have taken steps to ensure that anybody affected is well compensated.

    Speaking with The Nation, the President of ASSBIFI, Comrade Olusoji Oluwole said the issue of job loss may happen as a result of merger and acquisition, adding that this cannot be over rule.

    He said: “We are aware that there may be job loss and this is due to various factors. The first thing was that if banks are merging, there may be duplication of roles. The second issue will be that they may have an enlarged staff number that they may probably want to reduce. We recognise that fact.

    “Now, the moment CBN announces capitalisation, we, as a union, immediately reached out to CBN , expressing our concern about job loss. And this is as a result of our experience in 2005.

    “So, we wrote to the CBN and notified our labour centre. We stated that the issues of those staff need to be recognised and taken into consideration when decisions are being taken. And where for any reason, anybody is going to be affected,then they must be adequately compensated according to the labour laws and that of  the International Labour Organisation (ILO) that speaks about disengagement.

    “Merger and acquisition was a big deal in the 2005 exercise. Most of the banks then were just or slightly above N25 billion capital base. Moving from N2 billion to N25 billion was a big deal in 2005. But between 2005 and now, all the banks have raised their capital. I will doubt if there is still any bank today that is still operating on N25 billion capital. Efforts have been made by many banks to shove up their capital base. So fast forwarding, we have about 25 banks operating in Nigeria. We cannot discount the possibility of merger and acquisition”.

    Oluwole said recapitalisation on it own is a  very good development and it is long over due after the last exercise in 2005.

    He said i will make the economy and banking industry stronger.

    Read Also: NUPENG, ASSBIFI mobilise members for action

    “It will make banks carry our bigger business transactions and it will positively affect the economy.

    “On the exclusion of Retained Earning (REs) by the Central Bank of Nigeria (CBN), we are waiting as things unfold. But, sincerely, I don’t see it as a big deal. The CBN circular gave various options to banks, which they didn’t have in 2005. There were no such opportunities in 2005.

    “Going back memory lane, in 2005, lots of banks were just going into public for the first time. They all depended on private business. But now, CBN said you could go to the stock market, right issues and you also bring in foreign debt.

    “All these are open to banks. Don’t also forget that CBN gives two years’ grace. It gives them lots of opportunities, which I know most of them have started doing since last year.

    Another thing was that banks have the opportunity to either downgrade or upgrade their licences. Today, we have regional banks, national banks, and micro finance banks. And all of them have their rules and capital base. So, some banks that may not meet up may want to downgrade ,” he said.

    Speaking of the recent hike in interest rate by the Monetary Policy Committee(MPC), he said  a hike in the interest rate by the government is always an attempt to mop up the excess liquidity.

    According to him , CBN is doing this to fight inflation.

    “So, when there is a hike in interest rate, it means people readily move their idle money into banks. When you take money into banks, it reduces purchasing power and there will be reduction in the demand for goods and services. Now, on the other side, it means that it will reduce borrowing for things that don’t add value.

    “Inability by the manufacturers to access loans can be due to various factors. Don’t forget that CBN has mandated banks to give out a certain percentage as loan from their deposit. Any bank that fails to meet up will have their balance taken out. So, the best option for every bank is to give out the money as a loan. The question we should ask is that those that want to collect loans from the bank, did they meet up?, “ he asked.

    On the his assessment of government monetary policy and other policies , he said government is beginning to get it right. He ,however, said there should be more synergy between the CBN and the Ministry of Finance.

    His words: “Although this government started on a shaky ground. There are lots of trial and errors. But right now, we think the government is beginning to get it right. However, we have not publicly seen enough synergy between the CBN and Finance Ministry. Constantly, we have the CBN Governor coming out to address issues, to make pronouncements, and pass out circulars. But,  we are yet to see such from the Ministry of Finance. Probably, there are things that are going on internally. But information is key. It will be good if both can come out and address issues periodically, so that we will know that they are on the same page.

    “One of the best ways to address the rise in unemployment is for the government to come up with policies that will save and encourage entrepreneurs.

    “Currently, there are issues such as poor infrastructure, multiple taxation, excessive regulations and security concerns that deter many companies from thriving. It is crucial for the government to invest in these areas and provide the necessary resources.

    “As a union, we have observed the alarming trend of our intelligent youths migrating to other countries, creating a significant gap in Nigeria’s business environment.This phenomenon is, particularly, concerning the financial sector, which relies on integrity and experience.The departure of experienced professionals has a negative impact on our sector and the economy as a whole.

    “To address this, we are developing programmes to attract and retain talented youths in our country.

    “Also, we urge the government to take action by creating an environment that encourages professionals to stay, and also by implementing measures to bring back those who have left”.

    Oluwole said casualisation in the industry  is a major challenge. He said  casual workers in the institutions were inadequately compensated in terms of salaries and allowances.

    “But, today, we have a guideline to regulate conditions of employment of non-permanent employees in the sector. With this guideline, the non-permanent employee can pursue a career line, unionise and draw from benefits of collective bargaining agreements,” he said.

  • ASSBIFI advises Ngige to inaugurate NSITF board

    Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIF) President, Comrade Oyinkansola Olasanoye, has urged the Minister of Labour and Employment, Dr Chris Ngige, to inaugurate the board of Nigeria Social Insurance Trust Fund (NSITF) without delay.

    Speaking with The Nation,  Olasanoye augued that the law that set up the fund made it clear that it should be managed by a board.

    Olasanoye asked the minister to inaugurate the board to enable it  curb corruption and protect workers’ benefits.

    She lamented that though the minister had been appointing committees to either investigate, or review, urging stakeholders to join hands, the minister had not inaugurated the board.

    Olasanoye said the union was seeking a peaceful path to press home its demand to avoid the negative effect of industrial action on the sector and the  economy.

    While stressing that ASSBIFI had opted for negotiations, she said the group believes in collective bargaining and will not allow anything that would tarnish its image or work against workers’ welfare.

    ‘’We appeal to the minister to inaugurate the board of NSITF. The Act that set up NSITF states that there should be a board and the Permanent Secretary in the Ministry of Labour should  represent the minister.

    “So, if there is a board and the permanent secretary represents the minister on the board.The minister should not say there are corrupt practices in the organisation when he has a representative there. We do not think that it is now that he is refusing to inaugurate the board that there will be no corrupt practices there. We feel the more people are there, the better, ” she said.

    She appealed to the National Assembly to amend the Labour Act to arrest casualisation, which, she noted, could encourage corruption.

    She said the union had negotiated with banks that laid off their staff to ensure that the workers got their severance packages.

    Olasanoye noted that despite the wealth created by global economy and technology in the working place, workers were left behind.

    According to her, with the global economic crisis hitting workers, work can only be decent when it has fair income that enhances workers’ standard of living, with social protection for the family, without greed dictating the rule of the economy.

     

  • ASSBIFI seeks decent working conditions

    Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called for decent working conditions for workers.

    Its  President,  Comrade Oyinkan Olasanoye,who made the call, said “decent work” is defined by the  United Nations Economic and Social Council.

    She said: “Decent work is employment that respects the fundamental rights of the human person as well as the rights of workers in terms of conditions of work safety and remuneration and respect for the physical and mental integrity of the worker in the exercise of his/her employment.”

    She said, according to the International Labour Organisation (ILO), decent work involves opportunities for work that are productive and deliver a fair income, security in the workplace and social protection for families, better prospects for personal development and social integration, freedom for people to express their concerns, organise and participate in the decisions that affect their lives and equality of opportunity and treatment for all women and men.

    She added that the Sustainable Development Goals (SDGs) also seeks decent work for sustainable economic growth.

    She added that on the contrary, indecent jobs are decisions that some people made for their selfish benefits at the expense of the vast majority, and added that there is the need to also build workers’ power struggles for democratic rights and freedom, and advance beneficial social and economy progress for all, instead of for the privileged elites.

    She explained that casuals were forced to work for long hours sometimes without adequate rest, and stated that the obvious impact of long hours doing the same job is repetitive strain, muscular pain and exhaustion.

    She said the repetitiveness affects workers life expectancy which, however, still needs to be quantified.

    Speaking on the plight of casual workers, she said casuals by definition do not get benefits, adding that they do not contribute to the Employee Compensation Scheme.

    She added that in the event of an accident or death, workers and their dependents are left destitute because they cannot claim for injury on duty or work place acquired diseases. This is compounded by the fact that casual workers cannot afford private insurance due to their low wages.

    She warned of the danger of continuous change of jobs by casual workers and the companies for which they work for.

    According to her, every time a worker starts a new job, he or she has to learn new safety procedures which may require time to understand.

    She said pressure of sub-contractors to deliver on time places extra burden on worker to follow quick but unsafe work styles.

  • Decent Work Day: ASSBIFI calls for job security

    The President, Association of Senior Staff of Bank, Insurance and Financial Institutions (ASSBIFI), Comrade Oyinkan Olasanoye, has reiterated the association’s commitment to fighting for the right of workers to ensure a conducive work environment and respect for core labour standards.

    Olasanoye, who made the call while presenting her speech during the 2018 World Decent Day workshop with the theme: “Change the Rules”, organised by the association in Lagos, said freedom of association, right to organise and bargain collectively, meaningful remuneration and non-discrimination in employment were important in the workplace.

    According to her, work can only be decent, when workers are valued to create value jobs.

    She noted that the struggle to continually alert the employers on decent work place was most essential despite the ratification of the International Labour Organisation (ILO) Conventions that dealt with right of workers.

    “We are still witnessing all manner of indecent treatment in the workplace. More and more demands are placed on workers while simultaneously facing ever growing threats to their pay, condition of work and safety, “she said.

    Comrade Olasanoye explained that it was high time organisations stopped believing that lack of decent job was as a result of globalisation or modern economy, rather indecent job were decisions some made for their benefits at the expense of the vast majority of the workers.

    She said that few conglomerates and individuals continued to amass the riches to appear the general populace.

    “This is why as noted by the ITUC General Secretary, Sharan Borrow, ‘the rules are stacked against working people and we have unprecedented and destructive levels of economic inequality and insecurity,’” she said.

    She said decent work must be at the centre of the workplace and for workers to bring back the economy and build a financial sector that would be the pride of the country.

     

     

     

  • ASSBIFI hails CBN on Skye Bank

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has hailed the Central Bank of Nigeria (CBN) for revoking Skye Bank’s licence.

    The union said the N786 billion injected into the bank,  which has been renamed Polaris Bank, was a bold move at ensuring soundness and efficiency of the banking sector. It added that the bank’s sale process be done under best practices.

    ASSBIFI National President Comrade Oyinkan Olasanoye stated this while briefing reporters in Lagos. She said there was no need for panic by the public, customers and workers of the bank.

    Olasanoye noted that as at today, Polaris Bank has a clean balance sheet as it carries no toxic assets in its new balance sheet. “The Bank is well positioned to meet its obligations to all its numerous customers,” she said.

    She advised the bank’s numerous customers to continue to do business with the bank as there is no cause for alarm.

    Olasanoye said ASSBIFI, as a strategic partner in the banking sector, will study the purchase and assumption agreement, which established Polaris Bank and engage the management of the new bank in concrete discussions aimed at ensuring the realisation of its vision, goals and objectives.

    She said the Asset Management Corporation of Nigeria (AMCON) should be allowed to undertake the sale exercise without undue interference from greedy party patrons and ensure that the exercise does not go the way of Mainstreet Bank, which was clandestinely sold to the defunct Skye Bank.

    The president advised that only healthy financial institutions with very clean balance sheets, which will add great value to Polaris Bank should be made to participate in the exercise and the best among them made to pay.