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.

While the Central Bank of Nigeria (CBN) secured court approval to restrict the protesters’ accounts, the protesters can now appeal against the court ruling.

“To freeze forthwith all transactions on the under-listed 20 accounts on the list annexed to this application as Exhibit A and all other bank accounts of the defendants/respondents for a period of 180 days pending the outcome of investigation and inquiry currently being conducted by the Central Bank of Nigeria,” the CBN request to freeze the protesters’ bank accounts read.

The request was however granted by the presiding judge, A.R. Mohammed, on Wednesday, November 4, 2020, but the judge gave a 90 days period, which means that with presentation of a good cause after the expiration of the 90 days, the court can renew the restriction period.

But, the affected individuals and company can now appeal against the court ruling.

The document signed by the judge partly read: “It is however directed that the 90 days freezing order when it lapsed, may be renewed upon good cause shown by the applicant.

“It is also directed that any person, whether artificial or natural, that is affected by this order may apply to the court to have his grievance or complain heard by the court.”

Meanwhile, Access Bank had been sued for a sum of N100 million over the freezing of the account of Gatefield Nigeria, due to the company’s involvement in #EndSARS.

According to Gatefield Nigeria, Access Bank had restricted its account since Thursday, October 15, 2020, based on the directive of the CBN.

The post What #EndSARS Protesters Need To Do To Retrieve Their Frozen Accounts appeared first on Business News in Nigeria.

The restriction on the account comes amidst accusations that the government through the Central Bank of Nigeria (CBN) is cracking down on accounts used to fund welfare for protesters during the two weeks of the protest.

This action made by Access Bank has however generated into a court case between both companies.

According to Gatefield Nigeria, Access Bank had restricted the account since Thursday, October 15, 2020, five days before the Lekki Massacre based on the directive of the CBN. This follows the public affair firm taking the step to sue Access Bank for unilaterally restricting the company’s account.

While addressing the issue, the lead strategist for Abuja-based Gatefield, Adewunmi Emoruwa said: “As more people contributed to our efforts, we noticed that we could no longer conduct transactions on the dedicated account we used for this particular activity.

 “A successful challenge at the court could make the difference for others who were likewise targeted.”

Gatefield Nigeria is demanding a total amount of N100 million as damages done by the restriction of its account. Emoruwa added that “A successful challenge at the court could make the difference for others who were likewise targeted.”

Recall that a lady identified as Marline Oluchi who was actively involved in the nationwide protest against police brutality by cooking for the #EndSARS protesters also accused Access Bank of placing a Post-no-credit on her account.

Access Bank’s overboard action

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, customers may no longer have trust in the financial institution.

.

The post Access Bank Sued For N100m, Here’s Why appeared first on Business News in Nigeria.

With the unforeseen situation, financial market analysts have expressed their concerns over the week as investors position ahead of Q3 earning releases.

For the analysts, the recorded losses didn’t come as a surprise, as investors are usually skeptical about insecurities in any economy and due to that, their investments are often influenced as it is in the case of the #EndSARS protest.

An analyst at Invest Data Limited, said: “We expect this volatility to continue even as high dividend yields attract inflow to equity assets, ahead of the peak of the Q3 reporting season and momentum associated with earnings season in the midst of crude oil price oscillation.”

A look into the losses

Market capitalisation on the Nigerian Stock Exchange (NSE), represents the total value of stock traded on the Exchange, and it fell to N14.9 trillion as a year to Date return, weakened to 6.0 percent.

The most traded stocks by volume were UBA (40.3million units) Zenith Bank (39.6million units) and Guaranty Trust Bank (38.3million) while GTB (N1.1biilion), Zenith bank (N800.9million) and Nestle (479.9million) led by value.

Activities across sectors was lacking as all indices were lost except insurance index (0.6%) which was buoyed by price appreciation in WAPIC (10.0%). THE BANKING index lost the most, down 1.7% following losses in GTB (-1.3%) and Zenith Bank (-1.2%).

Sell pressures dominated today’s trading session as  investors booked gains from MTN NG which dropped -1.4% followed by Guinness Nigeria -5.9% and ARDOVA -6.3 percent.

To this effect, the NSE All-Share Index, ASI declined 75 bases points, bps or 0.7% to 28,449.49 points. Activity level improved as volume and value traded rose by 9.8% and 44.3 percent to 326.6million units and N4.2 billion respectively.

What You Should Know

There are many factors that contribute to investors’ losses in the financial market. Amongst the factors, is event.

In stock exchange market, some investors pay little or no attention to economic and investment cycles. Realistically, business and economic cycles aren’t always stable; they expand and decline variably.

However, as witnessed since the start of the month,(October 2020), the Nigeria economy  has experienced some setback due to what looked like a just conclude nationwide protest against police brutality, dubbed #ENDSARS.

The #EndSARS agitators, during their demonstration, disrupted the country’s activities, by impeding people from travelling and restricting access to workplaces for individuals. Disappointedly, these restrictive activities have negatively impacted the economy, thereby leading to major losses for different sectors of the economy.

The post #EndSARS: Stock Investors Lose N113.1bn appeared first on Business News in Nigeria.

Recall that on Tuesday, October 20, 2020, dozens of people suffered life-threatening injuries while others are feared dead, as armed men in military uniforms stormed an #EndSARS protest ground at Lekki Tollgate area of the state.

Following the incident, critics and concerned Nigerians have pointed fingers at the former governor, accusing him of being the orchestrator due to the loss he has recorded from the tollgate blockage since the protest began.

But reacting to that, Tinubu said it’s not fair to accuse him of the murdering of innocent lives. Tinubu said, “I will never be part of any carnage. I will never be part of that.” Them he queries, “why will they shoot live bullets?”

The former Lagos governor maintained that he has no property whatsoever at the tollgate, which is managed by the Lekki Concession Company (LCC). In his words: “I have no dime, no kobo of investment in the toll gate.”

The post #EndSARS: Tinubu Denies Involvement In Lekki Massacre appeared first on Business News in Nigeria.

While discussing the implications of the protest against police brutality, Toki Mabogunje, the President of Lagos Chamber for Commerce and Industry (LCCI), said the nationwide demonstration has negatively impacted the Nigerian economy.

The LCCI boss noted that the industry appreciates the participation of citizen in the protest and the demands for accountability, but the negative impact it’s having on the economy is alarming.

Her words: “These are in consonance with the democratic norms. They also form vital ingredients for good governance;

“LCCI is however concerned about the negative impact that the protracted nature of the ENDSARS protest has on business activities across the country;

“Over the past 12 days, economic activities have been crippled in most part of the country and have been particularly profound in the urban areas;

“The Nigeria economy has suffered an estimated 700billlion loss in the past 12 days.”

She further suggested that in order to protect the livelihood of Nigerians, including the business community, the #EndSARS protesters need to progress to the next stage of civic engagement, which is dialogue.

“This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways. These actions have been at great cost to the economy and the welfare of Nigeria citizen. It should be noted that our economy is still reeling from the shock of the COVID-19 pandemic and struggling to recover from its devastating effects.”

Toki also urged President Muhammadu Buhari to urgently grant audience to the #EndSARS agitators.

“That the government should commit to rapid improvement in governance quality and accountability by effecting necessary institutional policy and regulatory reforms not only for the police but the entire public sector economic system;

“The leadership of the protest should occupy the seats provided to participate in the reforms to be implemented by the government in response to their demands,” she added.

It is almost three weeks since the protest against police brutality across the country began. However, in order to make their agitation effect, the #EndSARS protesters have since taken over major money-making spots like the Lekki tollgate. Not only that, workers have also not been allowed to commute to their various workplaces.

The post LCCI: FG Has Lost N700bn Due To #EndSARS Protest 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.

Unmask NG observed those who were driving to work were stuck in traffic, as others who commutes to their workplaces were stranded and made to return home.

According to an eye witness, the protesters parked their vehicles on the roads, restricting the movement of workers and commuters. “You need to see as people were made to walk long distances because vehicles were not allowed to move. We pleaded with them to allow us to pass, they refused us from that even despite telling them that we subscribe to their agitations. I like what the protesters are doing, and I think the energy should keep burning,” she said.

Similar, a commuter who identified himself as Kelvin Samson told Unmask NG that she was left with no choice than to call him employer for permission to work remotely. “I had to call my boss and inform him of the situation. Surprisingly, to me, he told me he couldn’t make it to the office as well due to similar experience,” Samson said.

Meanwhile, Governor Babajide Sanwo-Olu of Lagos had appealed to the #EndSARS protesters to vacate the roads, as his administration has shown commitment in addressing the issues raised so far.

He made the appeal while swearing-in members of the Judicial Panel of Inquiry and Restitution at the State House in Marina.

His words: “We have shown unprecedented commitment to the complete overhaul of the Nigeria Police. The inauguration of this Judicial Panel of Inquiry is only the first step in a long line of reformative actions that will lead to a thorough revamp and reorientation of the Nigeria Police. I believe that some of the actions we have taken should, to a large extent, show our sincerity and willingness to address all your concerns.

“Let me reiterate that I am on the side of the young people out there. I understand your pain and I know your concerns are genuine and legitimate. While we are able to immediately acquiesce to some of your demands, some others will require time. We ask you to bear with us as we dutifully work on your demands.

“I will, therefore, like to renew my appeal to you to suspend the protests and create an atmosphere for the resolution of all pending demands. I encourage everyone brutalised by the disbanded SARS, including the families of those who died, to present their case before this tribunal.”

The post Workers Return Home As #EndSARS Protesters Block Major Roads appeared first on Business News in Nigeria.