Business
Branch Closures Worries Bank Customers In Ahoada
Banking operations at the branch of a first generation bank in Ahoada, headquarters of Ahoada East Local Government Area of Rivers State, are being overstretched following panic branch closures according to The Tide’s findings.
The development, our correspondent gathered was occasioned by the closures of ECO Bank branches in Omoku, Ahoada and Elele, following the recent kidnap and subsequent release of its Omoku branch manager.
The Tide also gathered that the situation was sequel t the closure of another prominent bank office in Ahoada more than a year ago.
Already, some bank customers who spoke to The Tide on the development expressed fear of a possible collapse of business activities in Ahoada in particular and the Orashi region as a whole.
They further appealed to other banks to set up branches at Ahoada in order to ameliorate the plight of the banking public in the area.
Meanwhile, efforts to speak with the branch manager of the said first generation bank in Ahoada was not successful as he was said to be out of town on an official assignment.
However, a competent source at the bank who asked not to be named acknowledged the fact that services at the bank are being over stretched.
According to him, customers besiege the ATMs as early as 6.00am on daily basis in order to make withdrawal.
“As you came in, I hope you saw the crowd at the ATM area, infact we are trying to do our best to satisfy their needs, he said.
The Tide reports that in the whole of the Orashi region which comprise Abua/Odual, Ogba/Egbema/ Ndoni, Ahoada East and Ahoada West local government areas, only Omoku and Ahoada have bank branches.
However, Omoku that was reputed to have almost all the banks branches has lost that position as some left at the heat of the cult activities, long before the ECO Bank saga.
And Ahoada that had three banks is now left with only one.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.