Under siege: ASSBIFI flags mass exodus, hostile employers in banking, insurance industry
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By Victor Ahiuma-Young
Nigeria’s glittering financial sector — powered by banks and insurance giants — is facing a growing crisis.
Seasoned professionals are leaving in droves, desks and even departments are emptying out and their roles are being filled by inexperienced, low-paid contract staff struggling to keep pace.
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As pressure mounts and employers toughen their stance, ASSBIFI warns that the sector is edging toward a dangerous breaking point.
It was against this backdrop that members of the Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, convened in Lagos for their 12th Triennial Delegates’ Conference—an event expected to review the activities of the association and its leadership but which instead turned into a loud and urgent alarm.
The message was unmistakable: Nigeria’s financial sector is under siege and urgently needs help before the bubble bursts.
In his address, ASSBIFI President, Olusoji Oluwole warned that the sector is facing severe threats arising from the mass exit of skilled workers, increasing layoffs, recapitalisation pressures, and what he described as increasingly hostile employer practices.
Oluwole said the situation has reached an alarming point, with the Japa syndrome draining thousands of trained professionals from banks and insurance firms.
According to him, employers have responded to the exodus in the worst possible way — by replacing experienced workers with poorly paid temporary staff.
He said: “Cheap labour is killing Nigerian banks. This may seem cost-effective for now, but it is a false economy that will damage productivity and stability in the long run.”
He also expressed renewed concerns over the ongoing recapitalisation exercise announced by the Central Bank of Nigeria, CBN, warning that the mergers and acquisitions expected in the process could lead to massive job losses if workers’ interests are not protected.
Oluwole added that the union has already written to the CBN, insisting that ASSBIFI must be part of all discussions relating to job security and compensation for bank workers.
Labour under attack
The ASSBIFI President accused some employers of exploiting the Trade Union (Amendment) Act 2005 to discourage workers from joining unions, describing the practice as a deliberate attempt to weaken organised labour.
He argued that the provision for voluntary membership has been weaponised to isolate and intimidate workers, adding that “functional industrial relations cannot exist without strong, active trade unions.”
Oluwole also renewed calls on the Federal Government to ratify ILO Convention 158 on the termination of employment, saying its adoption would drastically reduce arbitrary sackings and align Nigeria with global labour standards.
According to him: “The time has come for trade unions in Nigeria to carry out a critical review of the intent and purpose of the Trade Unions (Amendment) Act 2005, which was designed to strengthen democracy in trade unions by making membership voluntary.
“Regrettably, employers have twisted this good intent by using voluntary membership as a tool to dissuade workers from joining or remaining in unions. This systematic and tactical extermination of trade unions is being perpetuated under the guise of ‘voluntarism.’ We propose a return to the original provision in the Trade Unions Act, 1990.
“Functional industrial relations cannot exist without functional and active trade unions. Our current system intimidates, suppresses and seeks to annihilate trade unions. Employers, management and some state governments are increasingly becoming unfriendly and hostile to labour unions.”
The ASSBIFI President lamented that although Nigeria is endowed with vast human and material resources, the country continues to grapple with unemployment, insecurity, inflation and deepening poverty—challenges that hit workers the hardest.
He stressed the need for leadership that prioritises welfare, employment, education, healthcare and a stable economic environment.
Despite the challenges, he commended employers and management in the sector for the industrial peace maintained so far and expressed optimism that the long-delayed sectoral Collective Bargaining Agreement (CBA) would soon be concluded.
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