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Casualisation remains challenge in Nigeria financial institutions- ASSBIFI

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Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI)
Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI)
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The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has identified casualisation as a major challenge in the nation’s financial institutions.

The association’s President, Mrs Oyinkansola Olasanoye, made the assertions at a forum in Lagos on Thursday, saying that casual workers in the institutions were inadequately compensated in terms of salaries and allowances.

According to Olasanoye, some of the fraudulent activities in the sector may be due to the fact that these workers are not professionals, well-trained and are embittered as a result of inadequate compensation.

“Our major problem has been casualisation, because in every bank, insurance company, financial institution in Nigeria as at today, almost 80 per cent of the workers there are casual workers.

“Presently, the Labour Law Act made provisions that there will be contract staff, but our battle is that those contract staff should be allowed to have dignity of labour and be adequately compensated.

“We respect the casual workers, but we realise that due to inadequate compensation, it is easy for them to be used as frauds,” she said.

The ASSBIFI president, however, said the association had a plan toward creating a sort of career path for such workers by putting in place regulations in the Federal Ministry of Labour.

She said: “The casual workers are not employees of the institution; there is a third party that provides them and these providers are also registered by the Ministry of Labour.

“These providers give the casual workers two-year employment; at the end of the two years, the contract is renewed with a new term.

“The union is trying to create a career path that at the end of the second year, there should be some negotiations; if the institution needs employment, the worker moves and becomes an employee.

“Where the institution does not have room for employment, the worker continues, but the number of years will be counted.

“This is so that when the worker wants to move to another institution, he should move with three years of experience and not just the two years contract.

“This is what we are putting into the regulation.” (NAN)

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Business & Economy

FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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Business & Economy

Okonjo-Iweala Hails Tinubu’s Reforms, Urges Focus on Growth and Hardship Relief

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President Bola Ahmed Tinubu and WTO DG, Dr. Ngozi Okonjo-Iweala,
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Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic reforms as steps in the right direction, while urging the administration to now prioritise economic growth and measures to ease hardship for Nigerians.

Speaking to journalists after a meeting with the President in Abuja on Thursday, Okonjo-Iweala commended the government’s efforts to stabilise the economy, describing stability as the necessary foundation for long-term progress.

“We think the President and his team have worked hard to stabilise the economy. You cannot really improve an economy unless it is stable. So he has to be given the credit for the stability of the economy,” she said.

While acknowledging the positive impact of ongoing reforms, she stressed that stability alone was insufficient.

“The reforms have been in the right direction. What is needed next is growth. We now need to grow the economy and put in place social safety nets so that people who are feeling the pinch of the reforms can also have some support to weather the hardship,” she noted.

Okonjo-Iweala said discussions with the President focused on balancing structural reforms with relief measures for vulnerable citizens, as well as strategies for job creation and boosting disposable income.

“The next step is: how do we build social safety nets to help Nigerians cushion the hardship they are feeling, and then how do we grow the economy so we can put out more jobs and more money in people’s pockets?” she asked.

The WTO chief emphasised that without job creation and increased incomes, the benefits of reform would not fully reach ordinary Nigerians.

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Business & Economy

Dangote Refinery Fires Back at Shutdown Rumours, Flaunts 40m-Litre Petrol Output

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Aliko Dangote
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The management of Dangote Petroleum Refinery has moved to quash speculation about an operational shutdown, insisting that the multibillion-dollar facility remains in full swing.

In a statement on Friday, the refinery dismissed reports of fuel shortages as “baseless” and “misleading,” declaring that it continues to churn out over 40 million litres of petrol and 15 million litres of diesel every single day.

Far from winding down, operations at the giant plant in Lagos are, according to the company, running at full capacity with truck loading activities in constant motion. The sale of Residual Catalytic Oil (RCO) in recent days, it explained, is a normal part of refining operations—not an indication of trouble.

Throwing down the gauntlet to sceptics, the refinery invited fuel marketers to place orders for its daily production for the next 90 days, saying the offer underscored both its transparency and its determination to safeguard Nigeria’s energy security.

The company also used the opportunity to reaffirm its stance against the importation of substandard petroleum products, vowing to maintain quality and reliability in the domestic market.

 

 

 

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