By Blessing Bello, Reporting
SOME residents and traders in Osun State on Monday besieged branches of the United Bank of Africa (UBA) to close their accounts in protest against the bank’s alleged refusal to release ₦230 billion in local government funds to what they described as the lawful executives.
The protest disrupted banking activities at UBA branches in the Olohunkoro area of Osogbo, as demonstrators decried the economic hardship they claimed had followed the withholding of the council funds.
Many of the traders and residents submitted formal letters requesting the immediate closure of their accounts, stating that the bank’s actions had adversely affected businesses across the state.
In their letters, the customers alleged that UBA was at the centre of the Osun local government crisis, claiming that approximately ₦230 billion belonging to the state had not been made available to the lawfully elected local government management. They further referenced reports that a court had issued arrest warrants for four top officials of the bank.
The letters also accused the bank of opening local government accounts without following due legal procedures, arguing that such actions raised concerns about the safety of customers’ funds.
“Retirees in Osun State are not being paid as a result of your action or inaction in the disbursement of local government monies to lawful LGA management,” part of the letter read. “With these reasons, we have lost confidence in your bank to keep our money safe. Please close the account immediately without delay.”
Speaking during the protest, the leader of the traders, Mrs Morenike Abejide, said market women were compelled to act due to the lingering local government impasse.
“We are tired of the local government crisis in the state. We are hungry because UBA is involved in withholding local government funds which belong to us at the grassroots. The situation has led to gloomy economic activities across the state due to a lack of money in circulation,” she said.
She added that the traders were appealing to Bola Tinubu to intervene and help resolve the matter.
Another customer, Mr Ajani Jimoh, said the safety of deposits remained the primary reason for banking with any financial institution.
“When safety is strongly in question, the only option left is to withdraw one’s hard-earned money,” he said. “If a bank can abandon core financial practices to enable the unlawful hijack of public funds, it remains to be seen whose funds will be safe. The best thing to do is to walk away, and that is what is happening today.”
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