The Federal Ministry of Labour and Employment has urged banks and insurance companies to protect workers’ jobs, rights, and welfare amid ongoing recapitalization and restructuring in the financial sector.
The ministry made the call during the 2026 World Day for Decent Work celebration organized by the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) in Lagos.
Speaking at the event, the ministry’s South-West Zonal Director and State Controller, Mrs. Mienye Badejo, represented by Mrs. Franca Shaahu, said financial sector reforms must not undermine job security, fair wages, and career development.
She identified potential job losses caused by automation and restructuring, rapid technological changes, increased performance pressures, and uncertainty over workplace arrangements as key challenges facing young workers.
Badejo called for greater participation by young workers in workplace decisions, policy discussions, and technological transitions. She also urged financial institutions to provide secure employment and continuous skills development opportunities to help workers build sustainable careers.
She said recapitalization should strengthen financial institutions while protecting workers’ rights and promoting decent work.
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