In response to the ongoing #EndBadGovernance protests, several banks in Nigeria have shifted to remote work policies for their employees. The protests have gained significant public attention over the past week and have seen participation in Lagos, Abuja, Kano, Yobe, Sokoto, Gombe, Delta, and Rivers States. Participation has varied, with minimal activity recorded in some states, such as Rivers State.
While most demonstrations have remained peaceful, tensions have risen in some areas, leading security forces to push back against protesters in Abuja and Kano.
Banks Implement Precautionary Measures
Due to these events, some financial institutions have adopted preventive measures, including remote work and early closures. Reports indicate that certain Wema Bank branches across Lagos have closed, with staff instructed to work from home. Similarly, staff at Zenith Bank and Ecobank were told to close early. However, GT Bank branches continue to operate normally in Lagos State.
A Union Bank employee noted, “The decision to resume physically was decentralized across departments, and in my department, we were instructed to work remotely until Monday.”
NGX Operations Continue Uninterrupted
Despite disruptions in the banking sector, the Nigerian Exchange (NGX) operations remain unaffected. The NGX’s robust digital infrastructure has allowed trading activities to proceed seamlessly amid the protests. Since 2020, the NGX has largely adopted a remote trading system, with very few floor traders physically present.
Ekene Oyeka, a securities dealer with Norrenberger, remarked, “Operations have been flat; the protest hasn’t had any significant impact on operations in the NGX.”
Looking Ahead
As the protests continue, banks and the Central Bank of Nigeria (CBN) are expected to issue statements to guide operations. For now, both parties appear to be in an observatory mode, monitoring the situation as it develops.
