RismadarVoice Reporters
October 9, 2026
The Federal Government has urged banks and insurance companies undergoing recapitalisation and restructuring to protect employees from job losses, unfair treatment and violations of their employment rights.
The Federal Ministry of Labour and Employment said financial sector reforms must not come at the expense of workers’ welfare, job security, fair wages and career development.
The ministry made the call during the 2026 World Day for Decent Work celebration organised by the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) at ASSBIFI House, Alausa, Ikeja, Lagos.
Speaking at the event, the ministry’s South-West Zonal Director and State Controller, Mrs Mienye Badejo, acknowledged the importance of recapitalisation in strengthening financial institutions but warned against its potential consequences for employees.
Badejo, who was represented by Mrs Franca Shaahu, said the ongoing reforms were reshaping Nigeria’s banking and insurance industries through stronger capital requirements, technological advancement and improved operational efficiency.
She noted that although these developments could enhance financial stability and competitiveness, they also presented significant employment challenges, particularly for younger workers.
According to her, automation, corporate restructuring and changing operational requirements could result in workforce reductions, increased performance pressures and uncertainty over employment conditions.
The ministry stressed that financial institutions must adopt measures that protect workers from unfair employment practices while providing opportunities for professional development.
Badejo also emphasised the need for continuous training and skills acquisition to enable employees to adapt to emerging technologies and changing industry demands.
She said younger employees remained essential to the future of Nigeria’s financial sector and should be included in discussions concerning workplace reforms, technological transitions and organisational policies.
The ministry further called on banks and insurance companies to maintain fair remuneration, secure employment arrangements and working conditions that support long-term career development.
Badejo maintained that recapitalisation should strengthen financial institutions without weakening the rights and welfare of the people responsible for their operations.
She urged financial institutions to ensure that employees benefit from the opportunities created by the reforms rather than bear the burden of restructuring.
The ministry reaffirmed the importance of balancing financial sector growth with decent work standards, stressing that sustainable industry development must include adequate protection for employees.
