Breaking News

Banks experience high withdrawals by depositors

By Taye Obateru

Jos – Despite assurances that there was no cause for alarm in spite of   measures taken against some banks last week, panic withdrawal by depositors are being experienced by some them in Plateau State.

Reliable sources in some of the affected banks told Vanguard that many of the heavy depositors made huge transfers or withdrawers, yesterday, sending the affected banks into a panic.

Our reporter witnessed a scene in one of the banks as he heard one of the bank workers pleading with a customer who called to withdraw N20 million to change his mind.

It was learnt that withdrawals ranging from N10 to N70 million had earlier been made by various customers. Sources confirmed similar experience in other banks outside the five against who action was taken by the apex bank.

Some bank officials, who spoke on condition of anonymity, said although they expected some reaction to the sacking of bank chiefs, they did not expect it to be this drastic.

An economist, Mr. Stephen Yakubu, however, believed that the initial panic by depositors would wear off in due course.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.