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ASSBIFI decries deteriorating condition of workers


National President ASSBIFI, Oyinkan Olasanoye

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has drawn the attention of employers, government at various levels and other stakeholders to the deteriorating condition of workers in the country.  

Speaking when she led a sensitisation walk as part of the 40th anniversary celebration of ASSBIFI, National President of the union, Oyinkan Olasanoye expressed concerns that despite persistent assurances by the Federal Government on the imminent buoyancy of the economy, more working class are slipping into extreme poverty population.  

The workers, who marched through the streets of Ikeja in Lagos, chanting solidarity songs, argued that the claims by President Muhammad Buhari’s administration were mere statistics, saying workers in the financial institutions are yet to recover from economic recession.


Olasanoye urged the present administration to do all within its power to make recession a thing of the past in the country.

She said: “The financial institutions are the drivers of the economy. Whatever happens to the economy affects us directly.

Everybody knows that government is the highest spender, but for some years now, this has reduced, coupled with the TSA.

“As if that is not enough, the three tiers new policy in the insurance sector simply demands that they must increase capitalisation.

But unfortunately, we are in the election year and many investors are not investing. 

“Hence, until government starts spending, we will still continue to face the economy crisis.

Even if we want to agree with the government that there is no recession, the effect of the recession is still in the market place.”

The ASSBIFI president noted that in the past forty years, the union has fought for the rights of workers, and ensured that no member was laid off without due compensation. 

On casualisation of workers and contract staff prevalent in the sector, she said that it would no longer be tolerated, adding that, a worker, either casual or full staff is entitled to freely exercise his or her rights to belong to any union of their choice.

The Chairman of the 40th anniversary who is also the Vice President of the union, Amina Danesi said the celebration was a landmark in the history of the union.

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