The Gambian Central Bank (GCB) has issued a directive to banks in that country to ensure that non-Gambian staff in the banking industry are replaced by equally qualified Gambians by December 31, 2026.
The GCB which gave the directive in a recent memo to Managing Directors of all banks in the country signed by Paul Mendy, Second deputy Governor said the decision follows an earlier meeting in August.
Acorimg to the GCB, “a recent industry study conducted by the Bank revealed that a retatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff.
“This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline on expatriate staff”.
It therefore stated, that “consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gamblan nationals, with appropriate arrangements for skills transfer and continuity of operations, The transition must be completed by December 31, 2026.
“You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines”.
Reacting to the development, the Nigerians in Diaspora Commission (NiDCOM) said the directive could lead to the displacement of 57 Nigerian professionals, working in four Nigerian-origin banks operating in that country.
The commission therefore called on GCB to reverse the directive which NiDCOM said had raised serious concerns about the welfare and employment rights of affected Nigerians.
Chairman/Chief Executive Officer of NiDCOM, Hon. Abike Dabiri-Erewa, described the development as deeply worrisome, particularly as the affected Nigerian professionals reportedly possessed valid residency and work permits and had made significant contributions to The Gambia’s banking sector.
In a statement issued in Abuja on Tuesday, the commission acknowledged The Gambia’s right to promote local employment and develop its workforce. But NiDCOM insisted that such policies must respect existing employment arrangements, legitimate work authorisations, and the principles of African solidarity and regional integration.
NiDCOM said information available to it indicated that 57 Nigerian professionals working in four Nigerian-origin banks operating in The Gambia could be affected by the directive.
The commission also drew attention to the economic contributions of the four banks, which collectively account for approximately 37.2 per cent of total banking industry deposits, valued at 35.3 billion Gambian dalasi, and 32.6 per cent of loans, worth 7.67 billion dalasi.
The banks also, reportedly, control 37 per cent of the industry’s total assets, valued at 44.78 billion dalasi, while accounting for about 34.5 per cent of investments in Central Bank bonds.
More significantly, NiDCOM said the four institutions, reportedly, contributed 90 per cent of the funding supporting the operations of the National Water and Electricity Company (NAWEC), highlighting their importance to the Gambian economy
The commission expressed concern that a blanket employment replacement policy could undermine the contributions of African professionals and investors to host economies, particularly at a time when African countries are seeking to deepen economic cooperation and regional integration.
It stated that encouraging African investment and the free movement of people, while implementing policies capable of indiscriminately displacing qualified African professionals, could undermine the objectives of continental economic integration.
NiDCOM urged Central Bank of The Gambia to immediately reconsider and reverse the directive, calling for consultations with the Nigerian High Commission in Banjul, the affected financial institutions, and other relevant stakeholders to achieve an equitable resolution.
The commission also appealed to Gambian authorities to uphold the spirit of the Economic Community of West African States (ECOWAS) integration framework and the longstanding cordial relationship between Nigeria and The Gambia.
It called for constructive diplomatic engagement to resolve the dispute without jeopardising the livelihoods of affected Nigerian professionals or the broader economic relationship between both countries.
