•Unrealistic targets by employers is one of our major problems
By Chukwuma Umeorah
It was never meant to unfold this way. A sudden leadership transition, triggered by a court order and a resignation, thrust Nike Joseph into the role of Acting President of the Association of Senior Staff of Banks Insurance and Financial Institutions (ASSBIFI). What could have been a moment of instability has instead become a test of continuity—one she insists the union is passing. Drawing from over three years as deputy, she steps into the role not as an outsider, but as a steady hand determined to keep the system moving.
Under her watch, her tone in this interview was pragmatic rather than triumphant. “We are coping, we are managing, we are pushing,” she says, a refrain that captures both the strain and resilience within the union. Behind the scenes, engagement with institutions continues, internal structures remain intact, and the broader mission to protect workers while navigating a shifting financial sector stays firmly on course. For Joseph, progress is not perfection, but persistence.
She expresses persistence is being tested by sweeping changes across Nigeria’s banking landscape. From recapitalisation to technological disruption, the industry is in flux. Yet Joseph maintains a measured optimism: reforms will strengthen banks, competition will sharpen performance, and, ultimately, stability will return confidence to the public. The real question, she suggests, is not whether change is happening, but whether workers and institutions can evolve fast enough to meet it.
Excerpt:
Can you tell us how it’s been and how the union is doing under your leadership?
It has not been easy. Even though I served as First Deputy National President for over three years, this situation came as a surprise to many of us. We were preparing for an election, but a court order restrained us from proceeding.
By the constitution, once the president resigned, the next in line takes over. That is how I assumed office as Acting National President, pending the emergence of a substantive president. So, while unexpected, it is a responsibility I was already prepared for, given my experience in leadership.
We thank God—we are coping, managing, and pushing forward. The work has continued without interruption because I have been part of the system for years. What needs to be done, we do. Where we need to engage organisations, we reach out. It hasn’t been as difficult as people might expect because of that continuity. And I can say confidently that we are making progress—it’s a win-win for us.
Banking recapitalisation, mergers, acquisitions, or licence downgrades
It should, but we are not there yet. The process is still ongoing, and not all banks recapitalised at the same time. Some are still in different phases. So, it would be premature to draw conclusions now. But at the end of the exercise, I believe it will strengthen the banks and improve stability across the sector.
From reports in the news, about 21 banks have met their recapitalisation targets, leaving roughly 11 out of 33 still working towards it. However, even among those yet to complete the process, many are already at advanced stages.
Merging appears to be the direction for some. Many already have the capital but are awaiting regulatory clearance—particularly verification from the Central Bank on the source of funds. Once that is done, they will scale through.
Banks also have options: they can downgrade from international to national, or national to regional licences, depending on their capacity. So, I believe no bank will be left unattended in the end.
We have one, we are quite certain about is the Providus Bank and Unity Bank merger. They are already finalising that process, and we are closely monitoring developments.
Are the capital requirements too high?
Not at all. The last recapitalisation was in 2004/2005, so this is long overdue. The fact that most banks have already met the requirements shows that it is achievable.
Ultimately, it will strengthen the banks and give confidence to the public, which is exactly what the system needs.
People will be very sure there is safety everywhere. The economy will be positively affected. People will be more confident with their banking system. So you can be very sure that no bank will easily go under. With this recapitalization, they will be more strengthened.
Over time, that confidence will translate into broader economic benefits, even though it may not be immediate.
Banks report strong profits, yet people don’t feel the impact. Why?
These things take time. With stronger regulatory scrutiny now, the era of “paper profits” is gone. But we still need to give time. It is not only banks; it is everywhere. In stocks, you see growth everywhere.
But we need to give the economy time for everybody to see the growth physically. There has been depreciation of our Naira, a lot of inflation and the rest of it. It won’t come down easily. So we need to give the system time so that all of us will feel it.
Are there fears of job losses due to recapitalisation / Contract Staffing
So far, there have been no reported cases linked directly to recapitalisation. But we are watching closely and monitoring developments across the sector.
The relationship has been very good and respectful. But that does not mean that we don’t have issues with one or two—a couple of them. But of course, we are used to using social dialogue.
So when you say contract staffing, yes, it is there. I would say, it stems from the part of the Labour Act that allows volunteerism. You see some organizations now flashing that in the face of their new employees. And for somebody who has been jobless for several years, just getting a job, you tend to go with whatever the company says. So it is there, it is affecting everybody. But we’re also making efforts to ensure that this guideline comes into play where even the so-called contract staff, they have a life, they have a career path. You don’t just employ people one year, two years, then throw them out of the system. We are working in accordance with our junior counterpart—that is, NUBIFIE, (National Union of Banks, Insurance and Financial Institution Employees) — to ensure that even people who are on contracts, would have a way to be unionized. They would have a voice. The fact that you are on contract does not mean that you cannot organize yourself. So they should be given a career path. Along the line, they will be integrated. That is our fight. And we are not even doing it alone. We’ve taken it to the Ministry of Labour and we are working with them to ensure that this comes to pass.
How strong is your relationship with bank management?
Generally, it is respectful and cooperative, although we do have issues from time to time. That is normal in any working environment.
What matters is that we resolve these issues through dialogue, and that relationship has remained intact. Typical workplace concerns—performance expectations, downsizing, and similar matters.
But despite these, the relationship remains strong, and the interests of workers are always at the forefront.
How have CBN reforms affected the sector?
So far, there has been no negative impact. If anything, competition is making the system more efficient. Well, personally, the reforms are designed to strengthen the system and encourage competition. For example, FX reforms have created opportunities for Bureau de Change operators, which in turn pushes banks to perform better.
It’s to put everybody on their toes. So when you know that you have competitors or competition, then you know how to do it better. So the reform in a way, especially for that FX, has opened a window of opportunity for the BDCs (Bureau de Change) to be licensed. And there are competitions to banks. So it affords the populace opportunity to buy their FX everywhere—banks, BDCs, and everything. So when there is competition, people tend to do it better.
Well, it has not in any way affected our banks negatively, no. The rate is still there. As we speak today, we check—bank rates are still a bit cheaper than what you have at BDC. So people can access their FX and everything with ease. So I would say there is no negative impact, as we speak.
How is AI and automation affecting banking jobs?
More positively than negatively. Banking has become easier and more accessible for customers—you can do almost everything without visiting a branch.
However, we are not ignoring the risks. The future will require re-skilling and re-training. That is why we encourage our members to continuously upgrade their skills so they are not left behind.
However unrealistic targets by employers is one of our major problems. They create pressure, affect performance, and can ultimately lead to job losses.
We are actively engaging institutions on this while also supporting our members to improve and meet expectations. It’s a balance—protecting jobs while encouraging performance.
My words of encouragement is persistence. Keep improving yourself, keep re-skilling, and stay prepared.
With changes like AI and evolving workplace demands, continuous learning is no longer optional—it is essential if you want to remain relevant.
Are fintechs a threat to traditional banks, financial inclusion
The competition is strong—very strong—but I wouldn’t call it a threat. Both have their strengths and, in many ways, they complement each other.
We’ve even seen movement of talent between both sides, which shows that the ecosystem is evolving. On financial inclusion, yes, I won’t deny that. They have been more effective in reaching underserved areas.
However, traditional banks still hold public trust, especially when it comes to large deposits. So both systems continue to coexist.
What reforms are needed?
Better alignment between roles and competencies, proper training, and realistic expectations. Employees should not be moved arbitrarily into roles they are unprepared for and then judged unfairly.
There must be structure, support, and time for people to succeed.
