Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, has said no fewer than N5 billion have been lost and seven bank branches completely destroyed following violent protests and attacks in some states over the scarcity of new naira notes.

President of ASSBIFI, Olusoji Oluwole, condemned unwarranted attacks on banks by aggrieved Nigerians frustrated by their inability to get new naira notes, called on the public to desist from threatening or attacking bank workers, or destroying bank properties because bankers are also victims of the poorly implemented currency redesign.

Briefing on the upsurge of violence over the scarcity of new naira notes, ASSBIFI President said the N5billion was based on the attack on about five banks and seven branches across Abeokuta, Edo, Delta, Oyo, and Uyo states.

He said bank branches were burnt, Automated Teller Machines, ATMs, destroyed and workers’ personal effects were damaged, as well as a heavy attack on their members.

According to him, said the last count of attacks, which happened previously in Oyo and Ogun states were put at about N2 billion, while the recent attack increased the banks’ losses to N5 billion.

He said, “ Right now, I want to believe that we will be talking about not less than five billion Naira and we are still counting, because seven branches have been burnt, ATMs have been destroyed, personal effects have been damaged, vehicles and so on and so forth.”

Oluwole informed that the Association has put its members on alert to be withdrawn without further notice should the attacks and threats to their lives continues, saying “we value the lives of our members and colleagues and will not put them at any further risk. We have put them on alert and shall instruct them without further warning to immediately stay away from their branches if these attacks on our members and facilities continue until such a time that they can be guaranteed their personal safety and the security of their workplaces by the relevant authorities.

“We call on the public to desist from threatening or attacking our members, or destroying our properties as they will be only proverbially cutting their noses to spite their faces. We can only give what we have been provided with and nothing more.

“We also challenge the news media to be investigative, verify and probe their information so that the nation and the world will know the truth. We are in a critical period of our National development, and all hands must be on deck to bring Nigeria out of the woods. Fake and deceptive information must be checked at a time like this.

“ASSBIFI and National Union of Banks Insurance and Financial Institutions Employees, NUBIFIE, members are highly responsible, ethical, and patriotic people, mindful of the negative impact industrial action in an already charged environment, but if we are pushed, we will do what is necessary to defend and protect ourselves.”

Continuing, Oluwole among others, said “Since the Supreme Court order of February 2023 and the outcome of the National Council of State meeting held on Friday 10 February 2023, the CBN has not provided any direction to banks or the public despite the public statements made by the Attorney General of the Federation and some members of the Council of State.

“Our fear of the impact of this deafening silence from the authorities came to reality on Wednesday 15 February 2023 when disgruntled citizens again went on the rampage in Edo, Delta, Ogun, and Oyo States attacking and burning down banks and other institutions.

This we believe was also fueled by the disappointing comments of some high-profile individuals in positions of authority who should have joined us in seeking solutions to the problem rather than further heating up an already volatile polity and knowing that banks are regulated by the CBN and not by any agencies of the various tiers of government.

“The much awaited but belated National address by the President this morning (yesterday) is a clear indication that the funds released to the public were not sufficient and we are amazed that in the same breath, bank officials have been accused of “placing obstacles in the path of innocent Nigerians. We sympathize with our colleagues and employers in various banks whose branches were attacked, damaged, or burnt along with their equipment.

As we stated in previous releases, while we are not against the CBN Policy to Redesign and Withdraw the Old Naira Notes, we continue to reiterate the need to fully engage all relevant stakeholders in immediately looking beyond printing new notes as ordered by the council of state and fashioning out immediate ways to enhance alternative means of transactions that will be devoid of failures and restore confidence in the cashless system.

“The Apex bank should Increase awareness at all levels to discourage panic withdrawal and hoarding of the new currency while providing industry-wide incentives to encourage the transition from cash transactions. We salute institutions that have chosen to act proactively.

It should monitor and sanction outlets that have been verified to shut down the use of alternative means of payment, demanding cash that finds its way into the hands of currency traders. The CBN should also monitor the abuse of the currency at public events, and apply sanctions as prescribed in the CBN act.”

ASSBIFI President added that “This is not the time for trading blames or playing to the gallery for cheap publicity, but the time to constructively work towards providing solutions that will bring relief and comfort to the vulnerable Nigerians whose lives have been put on hold by the scarcity of cash and fuel, two essential items that are needed as the general elections draw near.

“Despite the losses in terms of lives, damaged properties, and looming job insecurity due to the destruction of business premises within our industry, and the impact on Insurance Organizations, we remain committed to going the extra mile in providing service to our customers in safe and secure environments.”