Cash scarcity: Bank customers blame parties as Ondo gov poll draws closer

Residents of Ondo State blame parties for the acute cash shortages in commercial banks throughout the state, only one week before the governorship election.

According to reports, major political party politicians were hoarding funds and making huge bank withdrawals in order to buy votes.

Diaspora Digital Media discovered that clients who wished to withdraw money over the counter received less than what they had asked due to the lack of cash in commercial banks around the state.

In the past week, politicians have been taking millions of naira out of banks, according to a source at a new generation bank.

Allegedly, they conspired with bank managers to facilitate the withdrawal.

The source stated: “In the past few weeks, there has been a high flow of cash in the state because politicians, particularly members of the ruling All Progressives Congress and the Peoples Democratic Party have colluded with bank managers to withdraw huge amounts of money daily.

“When the politicians ‘settle’ the bankers, they permit them to withdraw as much as they want.

“I can tell you authoritatively that the politicians are withdrawing millions of naira in cash from the banks, with the assistance of the managers.

“That is why we don’t have much cash to give customers.

“If you go to banks now, little cash is available in all their branches across the state.

“They are withdrawing money for their logistics in the campaigns and also keeping the money to buy votes on election day”.

A few bank customers revealed that they were having trouble making cash withdrawals at the counter.

The residents said that the bankers told them that they had little cash in their branches while blaming politicians.

A client who went by the name Tunde expressed his disappointment at being told that he was only able to take N10,000 from the counter when he arrived to one of the commercial banks in Akure on Thursday.

He claimed that the bankers told him to go out and take out cash from the outside point-of-sale machines.

“I was surprised that when I got to my bank on Thursday to withdraw N50,000, the man at the counter told me that cash was not available and that they couldn’t give me more than N2,000 cash.

“I was angry and I asked him the reason; they told me they didn’t get much cash from the CBN (Central Bank of Nigeria)”, the customer lamented.

Another bank customer said that it had been challenging to get cash from banks in Ondo State.

“I use one of the new generation banks.

He went on: “I got there to withdraw N30,000 cash to settle some bills but I was told I could only be given N10,000 as the highest I could withdraw from the counter.

“I asked the reason for this, but the only answer I got was little cash was available in the branch for customers”, he added.

The development was confirmed by a manager of a commercial bank branch who spoke on condition of anonymity.

He claimed that after politicians stole enormous sums of money from the banks, there was not much money left for consumers to take out.

The source said: “As a matter of fact, even before now, the amount of money in circulation is very low generally, not only in Ondo State, but there is a way we adequately manage the available money given to us.

“That is not known to the public.

“For instance, the CBN in Akure has mandated all the banks in its domain that you cannot withdraw (from the CBN) more than twice within two weeks, unlike before that we will go there Monday, Wednesday, and Friday to withdraw cash.

“But now, they are dealing with us two times a week.

“Then, on the withdrawal by politicians, it is not a lie.

“It is really happening.

“It is not limited to only one bank but virtually all the commercial banks in the state.

“There are some locations that per week, they mop up close to N300m, N200m.

“You can see that when that one is gone from a branch, there is no way you can serve an ordinary man who wants to withdraw N50,000, N100,000.

“It is very unfortunate”, he said.

According to a different source, the ruling APC and the PDP were mostly to blame for the cash problem in Ondo banks, but leaders of all political parties reportedly sought banks for cash.

“They withdraw huge sums to keep for vote-buying on the election day”, he added.

Mr. Kennedy Peretei, the PDP’s publicity secretary, responded by refuting the accusations.

Mr. Peretei asserted that the main opposition party lacked the funds to buy votes.

He claimed that the party’s and its candidate’s popularity was sufficient to win the poll.

“The PDP does not need to buy votes to win this election.

“The antecedents and scorecards of the governorship candidate, Agboola Ajayi, and his deputy can easily see us through the election.

“Therefore, the allegation is not true as far as the PDP is concerned.

“However, l cannot speak for the APC which may be relying on vote-buying to cover up their poor performance in government”, he said.

The APC’s Director of Media and Publicity, Mr. Steve Otaloro refuted the accusation as well, claiming it was made to damage the party’s reputation and that of Governor Lucky Aiyedatiwa, its candidate.

Mr. Otaloro said, “The claim that the APC chieftains have withdrawn large sums of cash from banks to buy votes in the upcoming governorship election on November 16 is a desperate attempt to tarnish our party’s image.

“Our party, the APC, is committed to conducting free and fair elections, and we have always adhered to the electoral laws and guidelines.

“We believe in the integrity of the electoral process and have faith in the Ondo State electorate to make informed decisions.

“In fact, our candidate, Governor Lucky Aiyedatiwa, has expressed confidence in winning the election based on his outstanding performance and the party’s popularity in the state.

“We urge the opposition party to focus on issue-based campaigns rather than spreading false information.

“We challenge anyone to provide concrete evidence to support their allegations.

“Until then, we consider these allegations as mere fabrications aimed at misleading the public.

“The APC remains committed to transparent and credible elections, and we will continue to work tirelessly to ensure the people of Ondo State receive the best representation they deserve”, he stated.

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