Panic Withrawal Hit U.B.A Over N25,000 Minimum Balance!

The management of financial institution, United Bank For Africa have a huge task to contend with.

A policy expected to shore up the profile of the bank has backfired.

The financial institution headed by Philips Oduoza recently issued a directve, along with a deadline, that all customers must retain a Twenty five thousand naira minimum balance in their accounts.

The decision came in the midst of celebrated fight by labour union for an increase in workers salary to eighteen thousand naira. Naturally the decision attracted wide spread condemnation- especially for a bank that started out with workers, students and pensioners funds as it’s capital base.

Sources divulged that controversy the development attracted forced the nations apex banking body, the Central Bank of Nigeria to make a public pronouncement on the issue.

The CBN divulged that it was not informed of the bank’s action before it was taken and that it is currently investigating what warranted the move.

The prnouncement by CNB fueled the controversy the more and in the bid to play safe in the face of uncertainty, sources claim most of the conservative customers have embarked on a spate of massive withdrawals.

Informants divulged that the bank is striving hard to control this tide as much as possible to curb the inherent danger in it.

Bank spokes person, Charles Aigbe didnot pick his calls or respond to text message on the issue.