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Liquidity squeeze hit Integrated Macro Finance Bank in Kano, as customers stage protest

AbdulSalam Muhammad
Hundreds of Integrated Macro Finance Bank customers in Kano staged a peaceful protest at the premises of the bank weekend over the bank’s failure to meet their withdrawal requests.

Vanguard learnt that most of the customers had approach the bank on Friday with their withdrawal requests ranging from N10,000 and above only to be told that ‘no one can withdraw above N3, 000’.

According to a customer who gave his name as Musa Hambali,  peasants were attracted to make savings with the bank due to the endorsement by Governor Shekarau and the Emir, Alhaji Ado Bayero from inception last year, adding that what they thought was a good offer has turned to deceit.

Hambali who claimed he had N95,000 in savings called on the Kano State Government to intervene and bail them out of the crisis, pointing out that the cash crunch the bank is experiencing became noticeable two months ago.

“We have been deceived by the officials of the bank to save our money, and cannot withdraw same now, and I hereby call on the Kano Governor and the emir to intervene to save the peasants from losing their savings”, Musa Hambali told Vanguard during the charged protest.
Vanguard reports that the charged atmosphere forced some officials of the bank to hide their identity to forestall any ugly incident, before the bank’s Business Manager, Olu Buraimoh saved the situation.

Vanguard further learnt that the panic withdrawal by customers might not be unconnected with the bank’s liquidity problems following the withdrawal of shares by a major partner some months ago.

The situation, according to findings, was further compounded by the loans granted by the bank within the period the major partner withdrew his fund..

Another customer who gave his name as Mustapha Inuwa told Vanguard that his friends drew his attention to the financial problem facing the bank, lamenting that despite the liquidity squeeze, officials of the bank still go round to collect money from unsuspecting customers.

When contacted for his comments, the Business Manager of the bank, Olu Buraimoh told Vanguard that he is not competent to speak on the issue and pleaded for time to seek clearance from his superiors in Lagos.


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