ASSBIFI Raises Alarm Over Financial Sector Instability in Nigeria, Urges CBN Action

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has highlighted the growing instability in Nigeria's financial sector, citing job losses, exploitation, and the erosion of industry standards. ASSBIFI President Olusoji Oluwol warned of a potential crisis stemming from unfriendly employment practices and the influx of cheap labor, exacerbated by the recapitalization pressures.

The organization urged the Central Bank of Nigeria (CBN) to involve them in discussions to safeguard employee job security and prevent a repeat of the mass job losses experienced during previous recapitalization exercises.