Speaking on ARISE News television on Friday, Oshiomhole condemned the practice as “immoral” and called for immediate reforms to end what he described as modern-day exploitation in the banking sector.“

It shocks me that about 60% or more of bank employees are contract staff,” Oshiomhole said. “They dress like bankers but are thrown out without gratuity or security. These practices must be stopped.” 

He alleged that banks use employment agencies to hire workers at lower wages, bypassing labor protections and direct obligations, thus boosting profits at the expense of workers’ rights.

The senator’s remarks echo findings from a 2023 Chartered Institute of Bankers of Nigeria report, which estimated that 65% of the banking workforce consists of contract staff, often earning less than half the salaries of permanent employees and lacking access to pensions, health insurance, or housing allowances. 

Labour unions, including the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), have long criticized these arrangements, linking them to high stress, unethical sales practices, and increased fraud risks, as noted by the Central Bank of Nigeria.

Despite the Labour Act’s mandate for equal pay for equal work, weak enforcement has allowed outsourcing firms to exploit loopholes. Unions have demanded that workers gain permanent status after two to three years of service and, alongside the Nigeria Labour Congress, have pushed for tighter outsourcing regulations. 

The International Labour Organisation has also urged Nigeria to align with global decent work standards. In 2022, unions threatened nationwide strikes over the issue, confirming ongoing tensions in the financial sector.

Oshiomhole’s outspoken critique amplifies calls for systemic change, urging lawmakers and regulators to address the exploitation of contract workers and restore dignity to Nigeria’s banking workforce.