Oshiomhole Condemns Banks for Exploiting Contract Workers

Senator Adams Oshiomhole has accused Nigerian banks of exploiting workers by relying heavily on contract staffing, which denies employees job security, fair wages, and basic benefits.

Speaking on News Masters on Friday, the Edo North senator described the practice as “immoral” and called for urgent reforms in the banking sector.

“It shocks me that over 60 per cent of bank employees are contract staff. They appear as though they are bankers, but when dismissed, they receive no gratuity or security because they are not direct employees. This must stop,” he said.

Oshiomhole alleged that banks use employment agencies to recruit staff at lower wages while evading labour responsibilities, likening the system to modern exploitation.

His remarks highlight growing concerns over the outsourcing of core roles such as tellers and customer service officers. A 2023 report by the Chartered Institute of Bankers of Nigeria found that contract staff make up about 65 per cent of the banking workforce, often earning less than half the salaries of permanent employees and lacking pensions or health coverage.

Labour unions, including NUBIFIE, have consistently demanded reforms, urging that contract staff be granted permanent status after two to three years of service. The Nigeria Labour Congress has also petitioned parliament, while the International Labour Organisation has pressed Nigeria to align with global decent work standards.

In 2022, unions threatened nationwide strikes over the issue, reflecting deepening tensions in the financial sector.