Access Bank under fire for labour abuses by foreign managers in Mozambique’s banking sector

The latest accusations focus on Access Bank Mozambique, which recently merged with BancABC and is now under majority Nigerian ownership. It has become the new epicentre of labour abuse allegations involving foreign managers.

After TORRE.News revealed how Mozambique’s banking system is being captured by external interests, with leadership structures made up almost exclusively of expatriates and national professionals relegated to subordinate positions, the case of Access Bank emerges as a continuation of this trend of institutionalised marginalisation.

Inside this financial institution, employees describe the work environment as “a nightmare,” marked by work overload, arbitrary performance evaluations, unclear contracts, abusive dismissals and suppression of union activity.

One of the complaints received by TORRE.News relates to the failure to implement annual salary adjustments, a common practice in the banking sector to offset inflation. According to internal sources, while other institutions proceeded with these adjustments in the first quarter of the year, Access Bank refused, citing “financial incapacity,” despite reporting profits in its latest financial statements. “It is not a raise, it is the restoration of our purchasing power,” explained a source who asked not to be named. “It is outrageous to see the bank reject this essential adjustment while showing positive financial results.”

According to these same sources, the refusal to adjust salaries is part of a broader pattern of union repression. The union confirms having received an anonymous letter detailing several complaints and has dispatched a team to investigate. However, internally there are concerns that the union delegate within the bank has been “neutralised” by the administration, potentially undermining the protection of workers’ rights.

Despite repeated attempts by TORRE.News to obtain a response, the bank’s management has remained silent. The same silence is observed from the General Labour Inspectorate of the Ministry of Labour and Social Security, which has already been formally informed of the allegations. Likewise, the Bank of Mozambique, the country’s financial regulator, has issued no public response, despite clear indications that the alleged abuses could damage the reputation and stability of the banking sector.

When discussing the management of Access Bank, the name of Chiwetalu Obikwelo, a Nigerian national, is frequently mentioned as the central figure behind the complaints. He is accused of deliberately ignoring Mozambican labour legislation and is viewed by many employees as the main promoter of a corporate culture that disregards workers’ rights. “The administration acts with impunity, leaving employees submissive in their own country,” said a source close to the affected workers.

This case is far from isolated. It reflects a broader pattern previously denounced by TORRE.News. The dominant presence of expatriates in leadership roles, the lack of legal mechanisms to ensure quotas for Mozambicans in decision making, and the disparities in salaries and benefits have created a toxic environment. Instead of promoting development and inclusion, foreign capital is reinforcing inequality and fostering exclusion.

As long as the authorities fail to act decisively, cases like that of Access Bank will continue to thrive in a system that seems to have lost its commitment to social justice, equity and the dignity of Mozambican workers. This is yet another warning that the country urgently needs structural reforms to reclaim control of its financial system.