ASSBIFI said: “Yes, banks are receiving money but what many do not know is that banks are receiving a combination of new notes and the old hundred naira and fifty naira notes.”
By Eberechi Obinagwam
Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has warned the general public to desist from threatening or attacking it’s members, or destroying banks properties as it will create more problems to the affected areas.
ASSBIFI president, comrade Oluwole Olusoji who was speaking on the issue of the redesign and return of the old naira notes in a press conference at it’s head office on Thursday said attacking or destroying bank properties will not stop the problem instead it will increase the problem because the communities that were attacked on February 15 may only have four or five banks in the community and with the attack, the community will be without banking services which in turn will affect the community and create more problems to the present situation.
According to him, the crisis has been as a result of misinformation to the public that the CBN has given banks new currency and they are not releasing it to the public or loading it to the ATM.
In his response, he said, ” the CBN needs to come out to clearly and categorically state how much fund were released because as long he is concerned, any allegation that are not confound remains unfounded.
“Yes, banks are receiving money but what many do not know is that banks are receiving a combination of new notes and the old hundred naira and fifty naira notes. Some of you may see cash arriving but they do not know that there is no Kobo of the new currency so how do you load 50, 100 naira notes to the ATM mechanies? He queried.
Comrade Olusoji also stated that they have issued several statements to electronic and print media stating the need to address the envisaged challenges due to the lack of proper stakeholder engagement between the dates of announcement and implementation, to the likely risks that could arise from a poor implementation plan and the possible ways to mitigate or contain the challenges.
Sadly, he said within weeks of implementation, the entire banking industry and workers were placed under public scrutiny and ridicule due to inciting and unbalanced reports circulated through various news and social media and leading to attacks of it’s members and other bank workers, and the destruction of banks’ properties. Adding that these sad incidents also amounted to personal losses by innocent Nigerians and injuries sustained by members of the public, while their colleagues in the Insurance Sector were faced with claims of more than two Billion Naira.
In displeasure, he said during this trying period, not once was there any condemnation of these acts by bodies or individuals saddled with the responsibility of supervising or protecting the industry and its workers. This he said was further re-echoed in the President’s address to the nation when he put the problem at the doorsteps of banks.
“Too late in the day, statements began to trickle in confirming the insufficiency of the new notes, the rush for the ones released to the public, and the pressure on availability due to major retail outlets declining payment through alternative means and demanding cash payment, which absolved banks from the previous accusations,”
He further disclosed that since the Supreme Court order of 8 Feb. 2023 and the outcome of the National Council of State meeting held on Friday 10 Feb. 2023, the CBN has not provided any direction to banks or the public despite the public statements made by the Attorney General of the Federation and some members of the Council of State.
“Our fear of the impact of this deafening silence from the authorities came to reality on Wednesday 15 Feb. 2023 when disgruntled citizens again went on rampage in Edo, Delta, Ogun, and Oyo States attacking and burning down banks and other institutions.
“This we believe was also fueled by the disappointing comments of some high-profile individuals in positions of authority who should have joined us in seeking solutions to the problem rather than further heating up an already volatile polity and knowing that banks are regulated by the CBN and not by any agencies of the various tiers of government”
“The much awaited but belated National address by the president on February 16 is a clear indication that the funds released to the public was not sufficient and we are amazed that in the same breath, bank officials have been accused of “placing obstacles in the path of innocent Nigerians,” he said.
Explaining further, he said, “I think this is the time for all tiers of government to work together and not pass informations that will create more problems within the environment . We have find out that even within government circle are giving conflicting informations because I do not understand how Supreme court will pass a judgement and government will come and say one thing and state governors will be saying a different thing entirely and in the center of all these are the banks,”
“And we need to understand that banks has a regulator which is the central bank of Nigeria and not the federal government, the state governors nor the local government and not even from individuals. So banks can only take directives from the CBN and once the CBN has made a pronouncement banks are expected to follow those pronouncement. And when state government comes up and say banks should accept what CBN said they should not accept , if they do what happens? Where will the banks take such funds to? Because I know that the CBN sent statements to banks that such funds should not be accepted from February 13 so forcing banks to accept that which the CBN says it should not collect is collecting something that is in quote ‘has no value’. And when state governors come out to make such statements and that is the statement that entise the public and that was were the problem started. It was not only banks they were attacked, even people on the street, BRT bus were attacked for not collecting old notes. And the ticketers refused to collect from the passengers because the banks refused to collect the old notes.”
He stated that while they are not against the CBN Policy to Redesign and Withdraw the Old Naira Notes, they will continue to reiterate the need to Fully engage all relevant stakeholders in immediately looking beyond printing new notes as ordered by the council of state, and fashioning out immediate ways to enhance alternative means of transactions that will be devoid of failures and restore confidence in the cashless system, increase awareness at all levels to discourage panic withdrawal and hoarding of the new currency while providing industry wide incentives to encourage the transition from cash transactions.
“We salute institutions that have chosen to act proactively, to monitor and sanction outlets that have been verified to shut down the use of alternative means of payments, demanding for cash which find their way into the hands of currency traders and monitor the abuse of the currency at public events, and apply sanctions as prescribed in the CBN act.”
Also, he disclosed that the attack this continues, the association, in solidarity with the sister union, National Union of Banks, Insurance and other Financial Institution Employees (NUBIFIE), will have to stop their members from working in such branches until personal safety and security by the relevant authorities is guaranteed. Already he said that CBN had directed banks that do not have cash should not to open.
According to him, this is not the time for trading blames or playing to the gallery for cheap publicity, but the time to constructively work towards providing solutions that will bring relief and comfort to the vulnerable Nigerians whose lives have been put on hold by the scarcity of cash and fuel, two essential items that are needed as the general elections draw near.
He assured the public that despite the losses in terms of lives, damaged properties, and looming job insecurity due to the destruction of business premises within their industry, and the impact on Insurance Organizations, they will remain committed to go the extra mile in providing service to their customers in safe and secure environments even as he urged the public to be patient and be able to listen to them because they are also affected.