Why Zenith Bank shut some branches nationwide

Following the crisis that has shook the nation due to the naira shortage, Zenith Bank has temporarily closed down some of its branches across the country out of fear of attacks.

Certain commercial banks have come under fire as a result of the general animosity caused by the dearth of the new naira notes.

Videos of irate Nigerians vandalizing Zenith Bank’s facilities at a branch in Lagos to get access for “cash withdrawals” have surfaced on social media.

In a widely shared video, some Nigerians who appeared to be bank employees can be seen escaping over the backyard fence while Zenith customers swarm the branch’s gate in a desperate attempt to obtain cash.

The bank shut down a branch in the Fagba area of Lagos after management received information of a possible attack.

Other locations where some branches have shut down in the state include Egbeda, Costain, Awolowo Way, and Ogba, Ikeja.

Another branch in Uyo, the capital of Akwa Ibom state, was also closed.

However, a source debunked claims that Zenith Bank has closed its branches nationwide.

The source said: “That is not true. Branches were closed for security purposes. It is not a nationwide action.

“Wherever we notice that the lives of our staff are being threatened, we closed such branch temporarily.