Financial Institutions in Nigeria to Shut Down Amid Planned Hunger Strike

As a nationwide hunger strike is set to begin on Thursday, August 1, 2024, banks and other financial institutions in Nigeria will be closed, although none have officially announced a closure. Employees of the banks have been advised not to report to work on Thursday, with some expressing concerns about safety due to previous protests targeting financial institutions.

A banker who spoke with The PUNCH recalled the experiences of previous protests, saying, "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."

Another banker from Lagos simply stated, "I’m not going to work tomorrow," while a third was told to exercise caution during their commute.

In a mail to their customers, Pension Fund Administrator, Leadway Pensure, announced that all their offices would be closed on Thursday and Friday, urging customers to adopt digital channels for their transactions. Asset Management firm, Meristem Securities Limited, also issued a notice of closure, advising customers to reach them via online channels.

Anthony Abakpa, President of the National Union of Banks, Insurance, and Financial Institutions Employees, emphasized that banks will monitor the situation closely, but cannot close shop without the express approval of the Central Bank of Nigeria. He advised bank employees to exercise extra caution and stay safe during and after the protest.

As the planned hunger strike begins, it remains to be seen how the situation will unfold. In the meantime, financial institutions in Nigeria will be taking a cautious approach, prioritizing safety and security above all else.