September 27, 2023


A breaking news heritage! a cast of heroes

New guidelines for contract workers in the financial sector will reduce fraud and promote industrial harmony. says ASSIBIFI/NUBIFIE.

By: Afolabi Oyekunle.

The two unions in the financial sector, the Association of Senior Staff of Banks Insurance and Financial Institutions(ASSBIFI) and the National Union of Banks, Insurance and  Financial Institutions Employees (NUBIFIE) have welcomed the new guidelines for contract workers in the banking and insurance sectors as they believe the guidelines will help to reduce fraud, improve productivity and allay the fears of the workers.

In the address read on behalf of the two unions at a press conference in Lagos by the National President of the Association of Senior Staff Insurance Banks and Financial Institutions, Mrs Oyinkansola Olasanoye they said the guideline provides in clear terms good industrial relations principles and key terms and conditions  

of employment to be observed by

stakeholders  in the Banks, Insurance and Financial Institutions. 

ASSIBIFI National President Mrs Olasanoye at the press conference.

At the occasion which was also to mark World day  for decent work 2022,
they said the guidelines specify

 entry requirement and minimum pay for nonpermanent employees, career path and

 development, the right to unionise and for

collective bargaining, trade dispute resolution procedures, disciplinary
procedure compliance with standards and labour requirement and exit
procedure and benefifs for the workers.
According to the unions, the guideline will improve job satisfaction, staff performance, reduce

incidences of frauds traceable to discontented contract workers in the financial sector and generally reduce 

 exploitation and other unfair labour practices capable of escalating industrial 

 conflicts and crises in the work place.
 Also, it will regulate conditions of employment and regulate conditions of employment and standardize non-permanent employment especially in the areas of career progression, salaries and wages, disciplinary measures, health and safety.


They expressed their gratitude to the 

Minister of Labour and Employment, Dr. Chris Nwanbueze Ngige,for

accelerating the process which culminated in the employment guidelines.

National President of NUBIFIE Comrade Anthony Abakpa at the occasion.

With the signing and approval of this guideline by Government, relevant
Stakeholders, especially employers in the banks, Insurance and Financial sector,
are implored to cooperate and collaborate with focal agencies of Government
and Unions concerned to achieve the objectives of this guideline and improve
industrial relations practices and standards in Nigeria.

“Without doubts, this Guideline will bring fresh breath of life to many in the Sector,

improve industrial relations, reduce incidence of fraud and increase