Some customers of FirstBank Plc have appealed to the bank to urgently settle its disagreement with General Hydrocarbons Limited (GHL) to avoid “bank run”.
Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday described the disagreement as unhealthy for a financial institution and inclusion.
They said that the increasing media reports about the rift between the parties have caused panic amongst them.
A bank run occurs when a large number of depositors rush to withdraw their funds from a bank simultaneously, driven by fears that the bank might fail.
This sudden surge in withdrawals can quickly deplete a bank’s reserves, potentially leading to its collapse.
Mrs Chinenye Olaedo, a United Kingdom (UK) based customer of First Bank, said the development has made her transfer some of her funds from the bank to another.
She urged the management of First Bank Plc to promptly ensure swift resolution of the matter to avoid bank run.
”When I read about this matter in the media, I quickly transferred part of my funds with the bank to another of my Nigerian banks.
“I do not want to go through what some of my friends experienced with Heritage Bank.
”First Bank should please resolve this as a matter of urgency because I have an age long confidence in the bank,” she said.
Mr Aliyu Madaki, a Civil Servant, said the issue should not be allowed to erode customers’ confidence and the integrity of the bank, given its pedigree as one of the oldest listed financial institutions.
Madaki appealed to the management of the bank to make effort towards resolving the matter amicably in the interest of customers and their funds.
While Mr Tunde Adeola, another customer of the bank, noted that this is not the first time a bank would have a rift with an entity, he, however, stressed the urgent need for matters to be resolved given the country’s current economic situation.
A student, Miss Judith Bennett, said she has already moved her savings account to a different bank to avoid stories and hitches going forward.
”When this First Bank issue came up in my discussion with my course mates, most of them said they will move their savings to other banks pending when the issue is resolved,” she said.
Mr Daniel Okonkon, a businessman and customer of the bank, appealed to the Central Bank of Nigeria (CBN) to swiftly mediate in the matter with a view to resolving it.
According to him, the issue is not a pleasant narrative for the banking sector.
The customers were reacting to the current crisis over an alleged 225.8 million dollars loan owed the bank by GHL for oil mining operations.
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