By Idowu Bankole
The House of Representatives has taken a major step toward ending the long-standing practice of casual and contract employment in Nigeria’s banking sector, as a bill sponsored by Rep. Fuad Kayode Laguda (Surulere 1) successfully passed second reading at Thursday’s plenary.
The proposed legislation, titled “A Bill for an Act to Amend the Banks and Other Financial Institutions Act, 2020, and for Related Matters,” seeks to prohibit, criminalise, and penalise the use of casual or contract staff by banks across the country.
Bill Seeks to Protect Workers From Unfair Labour Practices
According to Rep. Laguda, the bill is driven by widespread concerns that casual and contract workers in the financial sector are frequently subjected to low wages, job insecurity, and unfair treatment, despite their critical contributions to daily banking operations.
He argued that the increasing reliance on temporary staff by banks constitutes a violation of existing labour laws, noting that such workers often lack access to benefits, welfare provisions, and job protections guaranteed under Nigerian employment regulations.
Addressing Exploitation in the Financial Sector
The lawmaker stressed that the bill also aims to eliminate what he described as “exploitative and oppressive practices” affecting millions of Nigerians employed as casual or contract workers in the banking and financial services industry.
“The ultimate goal is to create a fairer, more secure, and more legally compliant employment framework within the sector,” Laguda said while presenting the bill on the floor of the House.
Committees to Review Details
Following its successful second reading, the bill has been referred to the House Committees on Banking Institutions and Labour for detailed scrutiny and further legislative work before it returns for third reading and possible passage.
Rep. Laguda reaffirmed his commitment to championing labour reforms that strengthen workers’ rights and ensure compliance with national employment standards.
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