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.
Candidate of Labour Party in the last Presidential election, Mr. Peter Obi, has confirmed that he is on his way out of the African Democratic Congress (ADC).
In a personally signed statement released on Sunday, Obi said he arrived at the decision after deep reflection, describing the move as necessary despite “every constraint.”
“I woke up this morning after my church service with a deeply reflective heart… and felt compelled to share these thoughts,” he wrote, adding that many people do not understand the “silent pains” and private struggles faced by those trying to serve in Nigeria’s political space.
Obi painted a grim picture of the current political climate, describing it as increasingly hostile and discouraging.
“We now live in an environment that has become increasingly toxic, where the very system that should protect and create opportunities… often works against the people,” he said, pointing to intimidation, insecurity, and persistent scrutiny as defining features of the system.
The former Anambra State governor also expressed disappointment over what he described as a lack of solidarity, even among close associates.
“Some who publicly identify with you privately distance themselves or join in unfair criticism,” he noted, lamenting that humility is often misinterpreted as weakness, while compassion is seen as foolishness.
Obi, however, clarified that his decision was not driven by personal grievances against key leaders within the party. He specifically exonerated ADC National Chairman, David Mark, and former Vice President, Atiku Abubakar, saying neither treated him unfairly.
“Let me state clearly: my decision to leave the ADC is not because our highly respected Chairman… treated me badly, nor because… Atiku Abubakar, or any other respected leaders did anything personally wrong to me,” he said.
Instead, Obi attributed his exit to what he described as a recurrence of the same challenges that plagued his time in the Labour Party, including internal divisions, legal battles, and external interference.
“The same Nigerian state and its agents that created unnecessary crises… now appear to be finding their way into the ADC, with endless court cases, internal battles, suspicion, and division,” he stated.
He further lamented that sincere contributions are often undervalued, with individuals becoming scapegoats for broader systemic failures.
“Even within spaces where one labours sincerely, one is sometimes treated like an outsider… as though honest contribution has become a favour being tolerated rather than appreciated,” Obi added.
Despite stepping away, the former governor said he continues to face criticism and attacks on his character, even as he seeks to pursue national development with sincerity.
Reflecting on Nigeria’s broader challenges, Obi questioned societal values that, according to him, often misinterpret integrity and prudent management of resources.
“Why is doing the right thing often misconstrued as wrongdoing in our country? Why is integrity not valued?” he asked.
Obi reiterated that his ambition is not driven by a quest for political office but by a desire to see a better Nigeria.
“I am not desperate to be President… I am desperate to see a society that can console a mother whose child has been kidnapped or killed,” he said, highlighting issues of insecurity, poverty, and displacement.
He concluded on a hopeful note, affirming his belief in Nigeria’s potential for transformation.
“Yet, despite everything, I remain resolute. I firmly believe that Nigeria can still become a country with competent leadership based on justice, compassion, and equal opportunity for all,” he said.
“A new Nigeria is possible.”
Source: Daily Trust
Headlines
US Threatens to Withhold 50% of Aid to Nigeria over Lapses in Security, Civilian Protection and Accountability
The United States is considering to withhold 50 per cent of its aid to Nigeria under a new legislative proposal that ties continued support to measurable progress on security, civilian protection, and accountability.
The U.S. House Appropriations Committee approved the measure as part of the Fiscal Year 2027 National Security, Department of State, and Related Programmes appropriations bill, reflecting growing concern in Washington over persistent violence in Africa’s most populous nation.
The broader bill allocates about $47.32 billion for foreign aid and diplomacy, a reduction of roughly six per cent from the previous year.
If enacted, the proposal would require the Secretary of State to certify that Nigeria is taking “effective steps” to address insecurity, protect civilians, and prosecute perpetrators before half of the allocated aid can be released.
Lawmakers linked the conditions to continued attacks by militant groups and violence affecting vulnerable communities.
The legislation also directs Nigerian authorities to prioritise support for victims, particularly internally displaced persons, and to facilitate the safe return and reconstruction of affected communities.
It calls for investigations and prosecutions tied to armed groups.
In addition, Nigeria would be required to match U.S. funding for supported programmes, effectively introducing a dollar-for-dollar framework that could increase pressure on government finances.
A committee statement said the bill aims to “hold foreign governments accountable for persecuting people of faith”, adding that assistance to Nigeria would remain restricted until “measurable actions are taken” to protect vulnerable populations.
The proposal also places Nigeria under heightened congressional scrutiny, requiring the U.S. administration to notify Congress at least 15 days before any funds are disbursed.
The bill, however, is yet to become law and must still pass both chambers of Congress and be signed by the U.S. president.
Nigeria has previously rejected claims that violence in the country is driven by religious persecution, arguing instead that insecurity reflects a complex mix of terrorism, banditry, and communal conflicts.
Nonetheless, the proposed measure signals a shift toward stricter U.S. oversight of foreign assistance and could reshape bilateral relations if approved.
Headlines
Peter Obi Weeps for Nigerian Workers, Says Minimum Wage Can no Longer Guarantee Modest Living
A frontline presidential aspirant on the platform of the opposition African Democratic Congress (ADC), Peter Obi, has regretted that the minimum wage can no longer guarantee a most modest standard of living in Nigeria.
In a post on his X handle on Friday to mark Workers’ Day, the former Governor of Anambra State said this has happened as inflation, rising food prices, transportation costs, and economic hardship continue to erode the value of honest work.
He said no nation can truly develop beyond the strength, productivity, and wellbeing of its workforce, stressing that the progress of any society rests on the quality of its human capital, the skill of its people, and the commitment of its workers.
‘When workers suffer, the nation suffers. When workers are empowered, the nation prospers,” he noted.
The presidential candidate of the Labour Party (LP) in the 2023 general elections said a productive nation must be built on justice, fairness, and respect for labour, adding that “it is the Nigeria we must work together to achieve.”
Obi said through democratic participation, the Nigerian workers have the power to shape governance and determine the future direction of the nation.
He, therefore, urged Nigerian workers to recognise the strength they hold collectively.
“But beyond their labour, workers also possess another powerful tool, their voice and their vote.
“They owe it to themselves, their children, and future generations to support and demand leadership built on competence, character, capacity, credibility, and compassion. By refusing to reward failure, corruption, ethnic division, and bad governance, they can help build a nation where hard work is respected and rewarded with dignity.
“With the support and participation of Nigerian workers, a new Nigeria is possible,” said Obi.
He saluted workers across the world, especially Nigerian workers whose daily sacrifices continue to sustain our families, communities, institutions, and national economy in the face of severe hardship and uncertainty.
