Headlines
Customers’ Attacks: Banks Shut Branches, Operations
By The Punch
With the heightened tension accompanying the protracted naira scarcity in the country, some commercial banks on Tuesday directed some of their branches to shut down operations until further notice.
Findings by our correspondent revealed that some bank branches in certain parts of Lagos with no cash to pay customers were asked to shut down operations.
The directive, it was gathered, was to forestall possible violent reactions by frustrated customers who had already begun to take laws into their hands in some parts of the country.
A senior official at Sterling Bank, who declined to be named, confirmed to our correspondent that some of the bank’s branches in the Lekki area of Lagos had been closed on Tuesday.
The source said, “They opened but were asked to shut down. All branches without cash were asked to shut down. Non-essential staff have been ordered to resume remote work mode.”
The source further stated that the closure of some of the banks had become necessary due to the untenable attitude of frustrated customers who believe that commercial banks are to blame for the hardship associated with the current naira scarcity.
“Imagine a situation where some customers come to the bank with cane. They say they want to flog the bank staff. Because of certain reports in the media that EFCC have arrested some bank managers for hoarding cash, customers now think banks are the cause of the naira scarcity. This is not true,” the source further stated.
However, an emailed response from Sterling Bank read in part, “Kindly be informed that there is no memo ordering Sterling staff to work from home. All of our branches and offices are open and functioning optimally. While non-essential staff have been given the option to tap into the existing hybrid work policy (for staff members not required on-premises) due to concerns about an imminent strike by petroleum operators, essential staff are present and working on-premises during working hours to ensure the bank’s operations run smoothly.
“There have also been challenges experienced by staff in commuting to and from work due to petrol scarcity and the resultant difficulties in getting fuel. This is coupled with the growing general level of unrest in some parts of the country.
“We are pleased to inform you that all Sterling locations across the nation have the compliments of her essential staff on premises during working hours and are fully operational at this time. The bank is closely monitoring the situation and will take any necessary measures in the interest of the safety of staff, customers and the general public.”
In a similar development, our correspondent gathered that First Bank Nigeria had directed some of its branches not to open until further direction is communicated.
A source, who confirmed the development to our correspondent, said some of the bank’s branches deemed vulnerable to violent demonstrations by customers had been directed to shut down operations, while other branches that did not have the cash to pay customers were also asked to shut down.
A memo titled ‘Temporary Closure of our LASPOTECH branch, Lagos State,’ sent to the bank’s LASPOTECH branch in Lagos read, “Dear Colleagues, Following security advisory, please be informed that LASPOTECH branch in Lagos State is temporarily closed for business today Tuesday, 7 February 2023.”
Banks in Ojodu Berger and Isheri road shut down operations on Tuesday following a cash crunch that continues in the country’s financial sector.
According to the findings by The PUNCH, the Zenith Bank, opposite Ojodu Mall, had the premises closed for operation as bank customers were prevented from entering by the securities of the lending bank.
Similarly at the Guaranty Trust Bank, located at Bashiru Street, Ojodu Berger, our correspondent reported that the bank was shut down and the ATMs did not work.
However, at the Access Bank just opposite Oremeta street, Ojodu Berger, customers were allowed entrance but one of the stranded customers who spoke with The PUNCH said there was no over-the-counter-payment at the banking hall. Also, the branch of the bank at Isheri road had no cash and ATMs did not dispense as of the time of filing this report.
When our correspondent visited Union Bank on the same street, customers were allowed entrance but only a maximum of N3000 was allowed to be withdrawn through the over-the-counter-payment system.
An Abuja High Court has cleared the way for the implementation of Nigeria’s new tax regime scheduled to commence on January 1, 2026, dismissing a suit seeking to halt the programme.
The ruling gives the Federal government, the Federal Inland Revenue Service (FIRS) and the National Assembly full legal backing to proceed with the take-off of the new tax laws.
The suit was filed by the Incorporated Trustees of African Initiative for Abuse of Public Trustees, which dragged the Federal Republic of Nigeria, the President, the Attorney-General of the Federation, the President of the Senate, Speaker of the House of Representatives and the National Assembly before the court over alleged discrepancies in the recently enacted tax laws.
In an ex-parte motion, the plaintiff sought an interim injunction restraining the Federal Government, FIRS, the National Assembly and related agencies from implementing or enforcing the provisions of the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; Nigeria Revenue Service (Establishment) Act, 2025; and the Joint Revenue Board of Nigeria (Establishment) Act, 2025, pending the determination of the substantive suit.
The group also asked the court to restrain the President from implementing the laws in any part of the federation pending the hearing of its motion on notice.
However, in a ruling delivered on Tuesday, Justice Kawu struck out the application, holding that it lacked merit and failed to establish sufficient legal grounds to warrant the grant of the reliefs sought.
The court ruled that the plaintiffs did not demonstrate how the implementation of the new tax laws would occasion irreparable harm or violate any provision of the Constitution, stressing that matters of fiscal policy and economic reforms fall squarely within the powers of government.
Justice Kawu further held that once a law has been duly enacted and gazetted, any alleged errors or controversies can only be addressed through legislative amendment or a substantive court order, noting that disagreements over tax laws cannot stop the implementation of an existing law.
Consequently, the court affirmed that there was no legal impediment to the commencement of the new tax regime and directed that implementation should proceed as scheduled from January 1, 2026.
The new tax regime is anchored on four landmark tax reform bills signed into law in 2025 as part of the Federal Government’s broader fiscal and economic reform agenda aimed at boosting revenue, simplifying the tax system and reducing leakages.
The laws — the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board of Nigeria (Establishment) Act, 2025 — consolidate and replace several existing tax statutes, including laws governing companies income tax, personal income tax, value added tax, capital gains tax and stamp duties.
Key elements of the reforms include the harmonisation of multiple taxes into a more streamlined framework, expansion of the tax base, protection for low-income earners and small businesses, and the introduction of modern, technology-driven tax administration systems such as digital filing and electronic compliance monitoring.
The reforms also provide for the restructuring of federal tax administration, including the creation of the Nigeria Revenue Service, to strengthen efficiency, coordination and revenue collection across government levels.
While the Federal government has described the reforms as critical to stabilising public finances and funding infrastructure and social services, the laws have generated intense public debate, with some civil society groups and political actors alleging discrepancies between the versions passed by the National Assembly and those later gazetted.
These concerns sparked calls for suspension, re-gazetting and legal action, culminating in the suit dismissed by the Abuja High Court.
Reacting to the judgment, stakeholders described the ruling as a major boost for the reforms, saying it has removed all legal obstacles that could have delayed the implementation of the new tax framework.
Former governor of Anambra State, presidential candidate of the Labour Party (LP) in the 2023 election, Mr. Peter Obi, has officially defected to the coalition-backed African Democratic Congress (ADC).
Obi announced the decision on Tuesday at an event held at the Nike Lake Resort, Enugu.
“We are ending this year with the hope that in 2026 we will begin a rescue journey,” Obi said.
The National Chairman of the ADC, David Mark, was among the attendees.
United States Representative Riley Moors has said further military strikes against Islamic State-linked militants in Nigeria could follow recent operations ordered by President Donald Trump, describing the actions as aimed at improving security and protecting Christian communities facing violence.
Moore made the remarks during a televised interview in which he addressed U.S. military strikes carried out on Christmas Day against militant targets in North-west Nigeria.
The strikes were conducted in coordination with the Nigerian government, according to U.S. and Nigerian officials.
“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death,” Moore said.
He said the Christmas Day strikes against Islamic State affiliates had provided hope to Christians in Nigeria, particularly in areas affected by repeated attacks during past festive periods.
According to U.S. authorities, the strikes targeted camps used by Islamic State-linked groups operating in parts of north-west Nigeria.
Nigerian officials confirmed that the operation was carried out with intelligence support from Nigerian security agencies as part of ongoing counter-terrorism cooperation between both countries.
The United States Africa Command said the operation was intended to degrade the operational capacity of extremist groups responsible for attacks on civilians and security forces.
Nigerian authorities have described the targeted groups as a threat to national security, noting their involvement in killings, kidnappings and raids on rural communities.
Moore said the strikes marked a shift from previous years in which attacks were carried out against civilians during the Christmas period. He said the U.S. administration was focused on preventing further violence by targeting militant groups before they could launch attacks.
U.S. officials have said the military action was carried out with the consent of the Nigerian government and formed part of broader security cooperation between the two countries. Nigeria has received intelligence, training and logistical support from international partners as it seeks to contain militant activity.
Moore had previously called for stronger international attention to attacks on Christian communities in Nigeria and has urged continued U.S. engagement in addressing extremist violence. He said further action would depend on developments on the ground and continued coordination with Nigerian authorities.
Nigerian officials have maintained that counter-terrorism operations are directed at armed groups threatening civilians, regardless of religion, and have reiterated their commitment to restoring security across affected regions.
