Labour Raises The Alarm Over Job Losses From Banking, Insurance Recapitalisation

The recapitalisation of Nigeria’s banking and insurance sectors could trigger widespread job losses and deepen pressure on workers’ livelihoods, organised labour has warned, insisting that stronger financial institutions must not be built on workforce displacement.
Labour leaders said on Wednesday that while recapitalisation was necessary to strengthen the capital base, competitiveness, and technological capacity of financial institutions, the process could accelerate restructuring, automation, and cost-cutting measures that could put thousands of jobs at risk if adequate safeguards were not in place.
The warning is coming as banks and insurance companies repositioned their operations...