Banks, pension companies close operations over nationwide protests

The nationwide protests have led to commercial banks and other companies shutting operations.

The protests over Nigeria’s soaring cost of living and economic hardship began on Thursday.

Those calling for the protests are demanding a reverse of some policies implemented by President Bola Tinubu believed to have engendered hardship in the country.

TheCable observed on Thursday that banks in Mowe, Ogun state, and Ogba, Lagos, shut operations due to the protests.

Also, banks closed their operations in Osogbo, Osun state, and Ibadan, Oyo state, according to NAN.

Although banks did not publicly announce plans to shut operations, their security guards turned customers back.

Also, pension companies announced their offices would be closed days before the nationwide protests commenced.

Pal Pensions, in a statement released on Tuesday, cited security concerns as the primary reason for the decision.

“Our offices will remain closed on Thursday and Friday, 1st & 2nd of August 2024,” Pal Pensions said.

The company urged everyone to maintain heightened personal awareness and a high level of alertness during the period.

Also, Oak Pensions announced that its offices will remain closed on August 1 and 2.

Similarly, on Wednesday, Coronation Registrars, a financial service provider, said the safety of its employees and customers is its top priority and has decided to close its offices as a precautionary measure.

“We understand that this may cause inconvenience, and we apologise for any disruption this may cause to our normal business operations. We are working to minimise the impact and will resume normal operations as soon as we are able to,” Coronation Registrars said.

“If you have any urgent matters, please reach out to us at [email protected] or call 02012272570.”

The company said it will keep its customers informed about the situation and provide further updates as needed.

Foodco Nigeria Limited announced that its stores nationwide will close on Thursday to prevent any potential issues.

“In light of the potential risks associated with the proposed protest slated to occur tomorrow 01/08/2024, we are displeased to announce that all foodco stores will cease (NOT OPEN) operations for tomorrow 01/08/24,” Foodco said.

“This is to ensure that we prioritise the safety of our customers and staff to avoid any critical issue whatsoever.”

Foodco apologised to its customers for any inconvenience the closure may cause, adding that it will resume operations after the planned protest date.