By Victor Ahiuma-Young & Omotola Aremo
The Federal Ministry of Labour and Employment has cautioned banks and insurance companies against allowing workers to bear the brunt of the ongoing recapitalisation and restructuring in the financial sector.
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), held yesterday, at ASSBIFI House, Alausa, Ikeja, Lagos.
Speaking at the event, the Zonal Director, South-West, and State Controller of the Ministry, Mrs. Mienye Badejo, said the post-recapitalisation era presented both opportunities and challenges, particularly for young workers who constitute the future of the banking and insurance industries.
Represented by an official in the ministry, Mrs Franca Shaahu, Mrs Badejo said among others: “Recapitalisation is reshaping the landscape of the banking and insurance industries across the financial sector. Young workers are at the centre of this transition and the reforms that accompany it. While these reforms are necessary to strengthen capital bases, improve technological capacity and enhance market performance, they should not come at the expense of workers’ rights, job security, fair wages, career development and respect for decent work.
“Young workers, who represent the future of the industry, face a number of challenges arising from this transition. These include potential job displacement resulting from automation and restructuring, rapid technological changes, increasing performance pressures and uncertainties associated with evolving workplace arrangements.
“The post-recapitalisation era presents both opportunities and uncertainties for young workers in the banking and insurance industries. It is therefore imperative that young workers become active participants in decision-making, policy discussions, workplace reforms, technological transitions and broader industry development.
“They should also be provided with secure employment, continuous opportunities for skills development and decent work opportunities that enable them to build sustainable careers.
The post Recapitalisation: Labour Ministry charges banks to protect workers appeared first on Vanguard News.