Financial institutions pressured to enshrine decent-work in corporate governance

Banks, insurers face potential mandatory “decent work” rules, union says

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has asked the authorities to make compliance with decent-work standards mandatory company governance policy for banks, insurance, and other financial institutions.

Acting National President Fanimokun Adesina stated while addressing the 2026 World Day for Decent Work hosted by ASSBIFI that the rise of digitalisation, automation, artificial intelligence, platform work, algorithmic management, and outsourcing is threatening to displace permanent direct employment with casual, contractual, and outsourced labor in the financial sector that lacks social protection, pension, health insurance cover, job security, and collective bargaining.

“…we are witnessing a rise in precarious employment as graduates and professionals are being hired on ad-hoc and casual bases with no social protection and freedom of association. In various instances, workers’ rights to bargain collectively have been intentionally and illegally undermined as employees are coerced to relinquish their rights to freedom of association,” Adesina noted.

The convener asked the CBN, NAICOM, and other relevant authorities to compel financial institutions to make decent-work standards mandatory corporate governance policies.

Besides, he urged the authorities to domesticate the ILO Convention 158 on termination of employment, and the Trade Union Act amendment to remove the voluntarism clause currently used by firms to frustrate workers’ collective bargaining attempts.

Adesina called for an urgent revision of the Sector-Wide Collective Bargaining Agreement due to its undue prolonged retention since 2007 and alleged that employers had deliberately sabotaged the process for personal gains. He further asked for the resumption of gratuity payments to workers’ dependants terminated by organized private sector employers in response to government’s policy.

Labour laws need to be re-vamped, says Mienye Badejo

Speaking on the occasion, Zonal Director (Southwest) and State Controller at the Federal Ministry of Labour and Employment, Mienye Badejo, said the ministry would collaborate with stakeholders to amend extant labour laws to make them more responsive to the dynamics of the changing nature of employment, particularly with regard to emerging technologies.

“We are witnessing a complete transformation of the world of work and its processes. This requires that our legislation must be further improved to meet the requirements of the new order while protecting workers against all forms of exploitation. I call on all stakeholders to intensify consultative efforts to allow effective worker participation in the evolution of policies that affect their lives and fortunes,” Badejo stated.

She noted that the tripartite (government, workers, employers) approach to policymaking was the best option for addressing the changing dynamics of the labour market and its impact on workers in the context of economic restructuring and technological advancement.

Calls for intervention to ease cost of living

Adesina further advised the Federal Government to intervene and reduce the burden of the high cost of living, especially in regards to food, transport, health, housing, and education.

He described the nation’s current minimum wage of N70,000 as inadequate and said the majority of workers found it difficult to purchase essential goods and services.

“Therefore, I call on the government to create policies that enhance alternative sources of generating income for workers, provide subsidies on importation of goods and services, and make housing affordable. The recapitalisation of the banks must open doors to improved careers, enhanced salaries, job security, and quality working conditions for young people,” he added.

( Source - The guardian news)