• Sunday, June 16, 2024
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#EndSARS: Nigerian banks intensify rebuilding efforts after counting losses to vandals


Nigerian banks are intensifying building efforts to return to full operations, after suffering major loss from increased tension and restiveness across the country.

The country’s financial lenders, were among businesses that were most hit, in terms of destruction of properties after hoodlums hijacked the #EndSARS peaceful protest, and resorted into looting and destroying both private and public properties, forcing the government across the country to enact a temporary shut down of economic activities.

However, as economic and business activities gradually returned to normal, Monday, following the relaxation of the curfew by various state governments, business across counted various property damage with many of them filing for huge insurance claims.

Nigerian lenders including GTB, First Bank, UBA, Fidelity, FCMB, Wema Bank, Sterling and Union Bank, were some of the lenders affected by the uprising, according to a report from local media house, Arise TV, which monitored the situation across the country.

Tier 1 lender, First Bank, had 10 of its branches across various parts of the country, affected by the #EndSARS violence.

Union Bank also had 10 of its branches affected, GT Bank (9), Access Bank (8), Fidelity (7), FCMB (6), Wema Bank (3), Sterling Bank (3), Zenith Bank (2) and UBA (2).

According to Arise TV, while it was difficult to ascertain in monetary terms, the number of damages the banks suffered from the violence, until their insurance companies put a cost to it, most banks particularly those in Lekki, a suburb area in Lagos, had to stop operations to repair their damaged property from the incident.

Irrespective, the banking index gained 1.01 percent to close 348.35 points at the close of the trading session, Monday, as investors sentiments heightened from improved 9 months performance scorecards of banks.