Banks shut, trading activities grounded in states

Major commercial areas including banks and markets were shut down on Thursday. The protests, fueled by growing discontent over governance issues, led to closures that have raised concerns about economic impacts and security.

Banks along Allen Avenue, Ikeja, Lagos remained closed as of the time of filing this report. Similarly, many Deposit Money Banks in Abuja, Nasarawa and Niger states were closed.

A banker from Access Bank, who simply identified himself as Temitayo, explained that the bank’s management prioritised employee safety over operations.

“We were asked not to open today because of the protest. According to the management of the bank, our safety comes first. I think all branches of Access Bank nationwide are doing the same thing,” Temitayo stated.

Similarly,  a banker at First Bank stated that the management of the bank instructed employees to work from home adding that the decision reflects widespread safety concerns.

“A memo was sent to us to work from home instead. I doubt if any bank will open. I think the protest is going to affect a lot of banks because money will be lost. We can only hope for good governance,” the banker, who simply identified herself as Simi, stated.

The protest was also felt at the busy Computer Village in Ikeja, as traders closed their shops.

“If we open today, anything can happen. Thugs could get angry and damage our shops, and nobody wants that. It is better to stay at home and observe what is going on,” Akanji Tijani, a trader, stated,

Another trader, Deborah Suleiman, said, “I am hoping and waiting to see if there will be a chance for us to open maybe in the evening, but I think for now all shops are locked, or at least the majority are. A lot of people will lose money.

In Abuja, Deposit Money Banks in the Bwari Area Council and along the airport road did not open for business on Thursday, leaving customers stranded.

A visit to several banks by our correspondents showed that the DMBs were locked, with security officers barricading customers from accessing the banking halls.

At the First Bank of Nigeria branch, a private security guard said, “We are not open yet, we are still waiting for the order to do so.”

When asked why the bank remained locked at 9:30 am on a working day, he replied, “Today is different, you know what is happening in the country now.”

The various branches of Zenith Bank, Polaris, Unity, and FCMB were closed, leaving customers unable to access cash.

“This is unfortunate. I have been standing here for hours waiting for money, but nothing is forthcoming,” a customer spotted at one of the banks lamented.

The streets were deserted due to fear of violence erupting from the protest, and the major market in Bwari was also affected, with many residents opting for panic buying instead of venturing out.

A Point of Sale operator, Matilda, said, “I’m not in a hurry to open my shop this morning because many persons are still in their homes. People are not moving about now.”

Along the popular airport road, banks including GT Bank, Stanbic IBTC, United Bank of Africa, and Zenith Bank were shut with staff asked to stay home.

It was gathered that the instruction not to open was based on the directive from the headquarters of all banks.

Our correspondent also observed heavy security presence at the banks despite closure as they did not allow our correspondents to take pictures.

A security official said, “All the banks here didn’t open today. It was based on a directive from the headquarters of these branches. Even though you can see security personnel here, the banks were asked not to open for business.”

Customers who came for financial transactions were turned back.

In an email sent to its staff and obtained by The PUNCH, commercial banks told employees at their head office and branches considered to be in volatile areas to stay home or work remotely.

An email by a tier A bank read, “All colleagues in non-essential roles are encouraged to prioritise working remotely from the nearest branch or hub. Colleagues in essential roles working on-site are required to maintain situational awareness and regularly engage supervisors or line managers to provide or receive important updates as applicable.”

ACCI reacts

The President of the Abuja Chamber of Commerce and Industry, Chief Emeka Obegolu, SAN, called on the business community to adopt heightened safety measures. His statement comes as businesses across the capital territory face significant disruptions, with many forced to shut down operations, hindering productivity and affecting livelihoods.

He emphasised the need for vigilance, urging business leaders to navigate this turbulent period with wisdom and caution.

“While many business owners depend on daily operations for their income, the necessity to stay indoors during protests can lead to substantial losses. We must prioritise the safety of our employees, customers, and assets while striving to maintain operational continuity,” he said.

The ACCI president called upon relevant security agencies to enhance protective measures for businesses and investments in the FCT, fostering a peaceful environment conducive to commerce.

He recommended that business owners consider adjusting their operating hours to avoid peak protest times and ensure that all safety protocols are updated and effectively communicated to employees.

Obegolu outlined specific operational and communication strategies for businesses to adopt during this period, as he said businesses must evaluate the necessity of in-person operations and implement remote work arrangements where feasible.

“Additionally, securing premises and ensuring all security systems are operational is crucial. Maintain open lines of communication with employees by providing regular updates and addressing their concerns promptly,” he stated.

He further stated that the ACCI was dedicated to supporting businesses through these challenging times, adding that “we will continue to monitor the situation closely and provide updates and assistance as necessary.”