With just one week remaining until Ondo State’s governorship election, a severe cash shortage in commercial banks has sparked widespread panic among residents.
Bank customers are reporting significant difficulties in withdrawing money as funds dwindle, with allegations pointing to large-scale withdrawals by politicians in preparation for vote-buying.
Multiple sources revealed that politicians, particularly from the ruling All Progressives Congress (APC) and the main opposition Peoples Democratic Party (PDP), have been making huge cash withdrawals over the past week, allegedly in collaboration with bank managers. This has left ordinary customers struggling to access their funds, as banks run low on cash.
A manager at a leading commercial bank, speaking on condition of anonymity, confirmed the crisis, explaining that large sums of money had been withdrawn, reducing the cash available for regular banking transactions. “In the past few days, politicians have been taking out millions of naira daily. The funds are being stockpiled for logistics in their campaigns and, more importantly, for vote-buying on election day,” the source said.
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This situation has led to frustration among bank customers, many of whom have been forced to settle for far less than what they requested. Tunde, a customer in Akure, shared his experience: “I went to withdraw N50,000 on Thursday, but I was told I could only get N2,000. I asked why, and they said it was because they had not received much cash from the Central Bank.”
Another frustrated customer, who wished to remain anonymous, described a similar ordeal: “I went to withdraw N30,000, but was given just N10,000. I was then told to use the PoS (Point of Sale) machines for the rest. I don’t understand why the banks can’t meet customer demands.”
Sources within the banking industry confirmed the strain on cash reserves, highlighting the new Central Bank of Nigeria (CBN) policy that limits withdrawals from the central bank to twice a week. This, combined with the large-scale withdrawals by politicians, has exacerbated the shortage.
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“There are branches where up to N300 million is withdrawn weekly. When that money is gone, there’s little left for regular customers,” one bank insider said.
Despite the growing concerns, political parties have denied the allegations. Mr. Kennedy Peretei, the Publicity Secretary of the PDP, rejected the claims, insisting that the opposition party did not possess the resources to engage in vote-buying.
Similarly, Mr. Steve Otaloro, the Director of Media and Publicity for the APC, dismissed the accusations as baseless and part of a smear campaign.
