Recapitalisation: Labour Ministry charges banks to protect workers
By Victor Ahiuma-Young and Omotola Aremo
The Federal Ministry of Labour and Employment has urged banks and insurance companies to ensure that employees do not bear the burden of the financial sector’s ongoing recapitalization and restructuring efforts.
This announcement was made during the 2026 World Day for Decent Work celebration, hosted by the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Thursday at ASSBIFI House in Alausa, Ikeja, Lagos.
Mienye Badejo, the Zonal Director for South-West and State Controller of the Ministry, addressed attendees and highlighted the dual nature of the post-recapitalization era. While it offers potential opportunities, particularly for younger workers who will eventually shape the future of the banking and insurance sectors, it also brings significant challenges.
Represented at the event by Franca Shaahu, a ministry official, Badejo emphasized the need for reforms to strengthen capital bases, enhance technological capabilities, and improve market performance. However, she cautioned that these reforms should not compromise workers’ rights, job security, fair wages, career development, or respect for decent work principles.
“Young workers, who represent the future of the industry, face several challenges during this transition,” Badejo said. “These challenges include potential job displacement due to automation, rapid technological advancements, increasing performance pressures, and uncertainties related to changing workplace structures.”
Badejo called on the industry to ensure that young workers are actively involved in decision-making processes, policy discussions, and workplace reforms. She stressed the importance of providing secure employment, continuous skills development opportunities, and decent work conditions that would enable these individuals to establish sustainable careers in the sector.
