Naija247news – Abuja – A proposed bill currently before the House of Representatives seeking to eliminate age restrictions in the recruitment policies of Nigerian banks and financial institutions has ignited heated debate among stakeholders in the financial sector.
Thank you for reading this post, don't forget to subscribe!The bill, sponsored by Hon. Ajirioghene Ukodhiko (PDP-Isoko North/South), aims to amend the 2024 Banks and Other Financial Institutions Act (BOFIA) by criminalising age-based discrimination in the hiring process. The proposed amendments introduce penalties ranging from ₦1 million to ₦2 million and even temporary suspension of operational licences for non-compliant institutions.
What the Bill Proposes
According to the draft, a new subsection “19(1)(c)” would prohibit all age-related barriers in employment into banks and financial institutions. In addition, section 50 would be expanded to impose sanctions on institutions that violate this rule.
Currently, many Nigerian banks maintain strict entry thresholds—some requiring applicants to be below 25 years of age for entry-level roles and enforcing retirement at ages 53 to 55, especially for non-directorial positions.
Industry Voices Raise the Alarm
Reacting to the bill, financial analyst and former president of the Association of National Accountants of Nigeria (ANAN), Dr. Sam Nzekwe, lauded the intent but warned against blanket enforcement.
“This bill could help older professionals re-enter the workforce, but banks are private enterprises. They should retain the autonomy to define employment standards in line with their operational models,” he stated.
He further highlighted the risk of diminishing tech capacity within the sector if older hires are not adequately trained, warning it could reduce opportunities for younger, tech-savvy talents.
Legal, Economic and Policy Implications
A senior economic policy adviser who preferred anonymity described the bill as “well-meaning but legally problematic.”
“There’s a retirement age enshrined in public service law. Will this override it? Does it mean banks can hire a 70-year-old as a cashier? The bill is vague and may even contradict Nigeria’s Labour Act,” he queried.
He urged lawmakers to focus instead on regulating contract staffing, which, according to insider estimates, affects more than 80% of bank staff—many of whom receive no pensions or health coverage.
Rooted in Frustration, Fueled by Realities
Jide Ojo, a prominent public affairs analyst, welcomed the bill but noted it was long overdue. He blamed current age caps for the widespread falsification of birth dates on CVs, calling it a symptom of Nigeria’s outdated recruitment model.
“Due to ASUU strikes, most Nigerians graduate in their late 20s. So setting entry-level age limits at 25 makes no sense,” he said. “We should be focused on competence, not chronology.”
He also urged labour unions like the NLC and TUC to shift their attention to abolishing casualisation and contract labour in the sector.
Mixed Reactions from the Banking Floor
Chukwuma Paul, a senior compliance officer at one of Nigeria’s top five banks, admitted the proposal could open the door to untapped human capital but warned of unintended consequences.
“Yes, older professionals bring experience, but will they cope with the evolving demands of a tech-driven sector? We might also see career stagnation for younger staff,” he noted.
Final Thoughts
As Nigeria’s lawmakers deliberate, the bill presents a major flashpoint in the debate over employment equity versus private sector autonomy. If passed, it could reshape recruitment norms across one of the country’s most competitive industries—while also placing new regulatory burdens on already squeezed financial institutions.
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