Gambia’s new banking rule could force ’57 Nigerians out of their jobs

A new banking employment directive in The Gambia could put the jobs of 57 Nigerian professionals reportedly working in the country’s banking industry at risk, following an order requiring commercial banks to replace non-Gambian employees with qualified Gambian nationals by December 31, 2026.

The development was disclosed by the Nigerians in Diaspora Commission (NiDCOM), which expressed concern over the potential impact of the Central Bank of The Gambia’s directive on Nigerian professionals employed in the country.

The policy, contained in a circular dated September 16, 2026, requires banks to implement a phased replacement of affected foreign employees while making arrangements for skills transfer and continuity of operations. Nigerian-origin lenders potentially affected include Access Bank, FirstBank, Guaranty Trust Bank and Zenith Bank.

57 Nigerians face potential job losses

NiDCOM estimates that 57 Nigerian professionals working in four Nigerian-origin banks in The Gambia could be affected by the directive.

• “Information available indicates that 57 Nigerian professionals employed by four Nigerian-origin banks operating in Gambia which could be affected by the directive. These professionals reportedly hold valid residency and work permits and have contributed significantly to the Gambian banking sector,” Abike Dabiri-Erewa, Chairman and Chief Executive Officer of NiDCOM, said.

She, however, argued that the policy should be implemented in a manner that protects existing employment arrangements and legitimate work authorisations.

In a statement, Dabiri-Erewa said:

• “While NiDCOM recognises Gambia’s right to promote local employment and develop its workforce, such policies must be implemented fairly and in a manner that respects existing employment arrangements, legitimate work authorisations and the principles of African solidarity and regional integration.”

Why Gambia wants foreign staff replaced

The Central Bank of The Gambia said the directive followed a meeting with managing directors of banks operating in the country on August 27, 2026.

According to the regulator, an industry study found that a relatively high number of non-Gambian nationals were employed across the banking industry, in addition to staff recognised under existing expatriate arrangements.

Consequently, it directed all commercial banks to begin a gradual replacement of affected foreign employees with suitably qualified Gambian nationals.

In its September 16 circular, signed by Second Deputy Governor, Dr. Paul J. Mendy, the regulator stated:

• “Consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations.”

The CBG further instructed banks to complete the exercise by December 31, 2026, stressing the need for full compliance with existing labour laws and its employment guidelines.

Nigerian bankers face December deadline

The December 31, 2026, deadline means banks operating in The Gambia have a limited period to implement the replacement process and make the necessary arrangements for skills transfer.

Checks by Nairametrics showed that four Nigerian banks could be affected by the directive. The four institutions are Access Bank, FirstBank, Guaranty Trust Bank and Zenith Bank. Ecobank Gambia also operates in the country, although it is part of the pan-African Ecobank Group rather than a Nigerian-origin banking group.

According to a list of licensed banks published on the Central Bank of The Gambia’s website, some of the institutions and their managing directors include:

• Access Bank (Gambia) Ltd, headed by Stephen Ahwahyi Abban, a Ghanaian.
• First Bank Gambia Limited, headed by Gbenga O. Agibola, a Nigerian.
• Guaranty Trust Bank (Gambia) Ltd, headed by Abolaji Isaika Yusuff, a Nigerian.
• Zenith Bank Gambia, headed by Mustapha I. Kabiru, a Nigerian.

Nigerian banks deepen expansion across African markets

The directive comes as Nigerian banks continue to expand their operations across African markets, with their international subsidiaries contributing significantly to group earnings.

• Research by Nairametrics showed that in 2025, four of Nigeria’s FUGAZ banks generated a combined N1.949 trillion in profit before tax from their foreign subsidiaries, accounting for 54.77% of their combined group profit of approximately N3.56 trillion.
• United Bank for Africa (UBA) led the group, generating N671.1 billion in pre-tax profit from its foreign operations across 20 African countries and the United Kingdom. This represented approximately 92% of its group pre-tax profit of N729.785 billion before adjustments.
• Access Holdings followed with N571.305 billion in pre-tax profit from its 15 offshore subsidiaries, representing a 24.2% increase from the previous year.
• GTCO’s foreign subsidiaries also recorded N375.322 billion in pre-tax profit, up 37% from N273.142 billion in 2024. The group operates across Ghana, Liberia, Tanzania, Côte d’Ivoire, The Gambia, Sierra Leone, the United Kingdom and Kenya.

Meanwhile, Zenith Bank generated N331.758 billion in pre-tax profit from its four foreign subsidiaries in Ghana, Sierra Leone, The Gambia and the United Kingdom.

The figures highlight the growing contribution of international operations to Nigerian banks’ earnings, even as the Central Bank of The Gambia’s latest directive introduces a new employment requirement for banks operating in the country.

For Nigerian lenders with Gambian subsidiaries, the December 31 deadline could therefore require adjustments to their staffing structures, alongside the broader skills-transfer arrangements mandated by the regulator.