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.

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.

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