The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has issued a dire warning to Heritage Bank Plc., sparking a potential labor dispute that could ripple through Nigeria’s financial sector.
ASSBIFI has threatened to leverage its extensive networks and affiliations to rally affiliate trade unions and Nigerian workers against the management of Heritage Bank following the contentious dismissal of its members.
Since May 30, 2023, Heritage Bank has faced severe criticism for the abrupt termination of over 30 ASSBIFI members, including a Principal National Officer, without providing any benefits or justifiable reasons.
ASSBIFI President, Olusoji Oluwole, expressed frustration over the bank’s consistent unfair labor practices targeting vulnerable Nigerian workers.
The association cited violations of Section 20 of the Labour Act, the ASSBIFI Industry Wide Collective Agreement, and ILO Convention 158 on Termination of Employment.
These regulations stipulate that employee termination must be justified by a valid reason, a principle that the National Industrial Court (NIC) recognized.
Despite ASSBIFI’s efforts to engage Heritage Bank in dialogue and demand justice for the wrongfully terminated workers, the bank insisted on implementing its company policy without negotiation with the union, leaving employees empty-handed after years of dedicated service.
Heritage Bank’s alleged inability to settle employee entitlements has also raised concerns about the safety of Nigerian workers who have their salaries deposited in the bank.
ASSBIFI has called for action, vowing to mobilize its vast network and contacts to protect the rights and privileges of its members within Heritage Bank.
The union has urged the bank to address their concerns promptly and take the path towards becoming a great place to work, avoiding a potentially damaging labor dispute that could tarnish its reputation.