Recall that Access Bank, after receiving a directive from the Central Bank of Nigeria (CBN) blocked accounts of eight protesters who took part in the #EndSARS protest.

Surprisingly, Access Bank had gone ahead to freeze the accounts even before CBN approached the court for an order to freeze 20 accounts of #EndSARS protesters across various banks. The bank included; Zenith Bank, First Bank, and GTBank.

This line of action by Access Bank generated in a nationwide online protest, with some customers taking to social media platforms to publicly announce that they would be closing down their Access Bank accounts while suggesting others to do same in unity.

In the same vein, Gatefield Nigeria is demanding a total amount of N100 million as damages done by the restriction of its account. 

Based on this development, Access Bank investors are pushed to the edge, as their confidence dropped within the period of protest against the bank.

While defending its action, Access bank maintained that it can’t ignore or go against a directive from its regulator. However, Stanbic IBTC’s stance against the CBN directive negated Access Bank’s excuse.

Access bank overboard action has resulted in a fall in Access Bank’s share price. Unmask NG learnt that its Bank’s share price slumped from the N10 per share

to N9.15 kobo .

Similarly, Access Bank’s stock price declined further, as it opened trading with N9.15 kobo on Monday, only to close the market with a significant fall to NGN8.70 kobo.

At the time of publishing this report, Access Bank’s shares are down again by -3.45%, currently, with a loss of NGN0.3 kobo off the NGN8.70 kobo the lender opened the market with.

It is however pertinent to know that Access Bank may have gone beyond the line to ensure that such actions of a peaceful protest are disrupted by placing a Post-No-Credit (PCN) on account of activists who have been participating in the protest.

With this line of action taken by Access bank, old and potential investors and customers may no longer have trust in the financial institution.

The post Panic For Access Bank Investors As Customers Begin Closing Of Accounts appeared first on Business News in Nigeria.

Oluchi who has been actively involved in the nationwide protest against police brutality by cooking for the #EndSARS protesters, said her account manager informed her that Access Bank acted on an order from the Central Bank of Nigeria (CBN).

According to her, the manager said CBN had directed Access Bank to restrict the deposit of funds into her account alongside agitators of police brutality across the country.

She wrote: “Kindly don’t send any money to my access bank account anymore. It’s the account i have been using to receive funds to cook for the protesters; my banker just confirmed that it has been placed on a Post-No-Credit (PNC). Apparently, they are working on a CBN directive for any #ENDSARS activist receiving funds with such descriptions;

“When we say this country is messed up, you won’t understand how deep this rot is. It’s so deep that any and everything can be used against you. So so deep;

“We are just Nigerians, trying to air our grievances and make the government listen to us, peacefully by marching through our streets. How hard is that? How hard can it be for them to peacefully listen to us and not get petty? How hard? I mean, we are the ones suffering this SARS menace for years.”

Access Bank’s overboard action

An average Nigerian would agree that due to the excesses and misuse of power by the Special Anti-Robbery Squad (SARS), so many lives have been cut short while others have been innocently extorted and abused brutally.

To this effect, the Nigerian youth have come together under one voice to urge the Federal Government to put an end to SARS and reform the police unit.

However, It is pertinent to know that Access Bank has gone beyond the line to ensure that such actions of a peaceful protest are disrupted by placing a Post-No-Credit (PCN) on account of activists who have been participating in the protest thereby denying customers the right to access and operate their account. With this line of action taken by Access bank, their reputation is questioning.

Meanwhile, efforts to reach Access Bank for comment proved abortive at the time of writing this report.

The post Access Bank Accused Of Restricting #EndSARS Protesters’ Accounts appeared first on Business News in Nigeria.