Nationwide Shutdown: Protests Against Economic Hardship

Banks, businesses close as protests Sweep nation...

Banks and financial institutions across Nigeria close amid nationwide protests against economic hardship, prioritizing safety, with some institutions directing customers to online platforms.

On Thursday, August 1, banks and other financial institutions across the country closed their doors as nationwide protests against economic hardship began. While no formal announcements were made, bank employees revealed that they had been instructed to stay home, effectively shutting down operations for the day.

The unofficial closures came as protesters took to the streets to express their grievances about the economic challenges facing the nation. By closing their doors, the banks and financial institutions appeared to be taking a cautious approach, prioritizing the safety of their staff and customers amidst the demonstrations.

A banker said, “You saw what happened during previous protests, banks were targets. We don't want a repeat of a similar experience, hence we have been advised to monitor the situation first and then we know where to go from there.”

Contrary to earlier reports, another banking official clarified that they didn't receive explicit instructions to stay away from work, but were rather advised to be vigilant and take necessary precautions while traveling to and from work on the day of the protests.

A Pension Fund Administrator, PFA, Leadway Pensure, in a statement on Wednesday, July 31, titled 'Business Continuity Amid Planned Protest' said, “Due to the planned nationwide protest starting August 1, 2024, please be informed that all our office will be closed on Thursday, August 1, 2024, and Friday, August 2, 2024, at the first instance as we monitor the situation.”

In response to the protests, the PFA directed its customers to utilize online and mobile banking platforms for their transactions. Meanwhile, an asset management company took proactive measures, informing its clients on July 31 about its temporary closure in light of the impending demonstrations.

“Dear esteemed client. Due to the upcoming nationwide protest tomorrow, this is to inform you that all our offices in Lagos, Port Harcourt and Abuja will be closed on Thursday, 1st June 2024. We will closely monitor the situation and provide further communication, depending on the developments of the protest.”

The firm directed its clients to contact them through their website, email, or social media platforms for any inquiries or assistance during the closure.

Speaking, the President of the National Union of Banks, Insurance, and Financial Institutions Employees, Anthony Abakpa, said, “Banks will monitor the National planned protest closely and see how it plays out. The regulatory body has not given express approval to close any of the bank operations amid the protest.

“Banks cannot close shop without the express approval of the Central Bank of Nigeria. We will monitor closely while we have advised our members to exercise extra caution and be alert to stay safe during and after.”