Business
Banks’ Reorganisation: Casual Workers Demand Regularisation
Casual or “contract” workers with the five banks whose managements we recently sacked by the CBN have appealed to the new managements to regularize their employment status by converting then from contract to regular staff.
Staffers from the affected banks say at least one executive director in each of those banks own the firm which engaged them on contract terms and pay them for less then what the regular staff get, a salary they describe as “a salve wage”.
A substantial percentage of the bankers noted that they were unnecessarily exposed to huge cash against low pay. In their opinion, the managements deliberately keep their employment status as such for their selfish benefits.
Speaking on condition of anonymity, one of them who work for a first – generation bank said, “The contract staff are allowed to work everywhere like regular staff. There is no control.
We handle big transactions daily that some one of our standing is not supposed to have access to.”
The Tide learnt that some of the contract staff work at the treasury as well as carry out some other sensitive duties in these banks. They are equally allowed to transact business worth billions of naira in some instances.
We also learnt that the contract staff phenomenon is prominent with Oceanic Bank, Union Bank, and Intercontinental bank.
Others with huge percentage of contract staff are United Bank for Africa, Skye Bank and Access Bank. Many of these contract staff are as qualified or better qualified than their regular counterparts yet the banks refused to regularise their employment status, preferring to exploit them. Skye bank, it was discovered that it is notorious for this practice. Some of its contract staff have spent six or more years in one position with no hope of promotion or conversion. They are regularly looked for when a regular position needed to be filled, even when they are qualified for the post. A contract worker with B.Sc degree, who had spent over six years in Skye Bank, is paid less than N1 million per annum while the start off package for an entry level employee is about N3 million.
The source said he had made several attempts to be converted to a regular staff or worker to no avail.
“We are only here to fill the gap for some candidates the executive directors are bringing,” stated the contract staff. “At least, I know that one of the executive directors that was sacked owned the recruiting firm that recruited me,” another casual worker said. Others contented that the situation was almost similar in all the banks in the industry where the managing director or one of the directors owns the recruiting firm that overseees their employment.
They complained that their appointments get terminated once the directors bring their own people, who they have retained the openings for, as regulars.
The contract staff also alleged that the remuneration is low and that is why they prefer to keep most staff on the contract list. A source at the treasury of one of these banks said.
They once made the same mistake with one dispatch rider who falsified an account to deceive CBN officials and immediately went to cash the money as soon as it was paid into his account and disappeared. The man has not been found since then”.
They appealed for a review of their employment with the banks in accordance with the CBN stand on contract staff in banks.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.