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First bank to close branches in 23 states

First bank to close branches in 23 states

First bank of Nigeria Plc has concluded plans to close several branches nationwide this is as a number of Deposit Money Banks in the Country that will close many of its branches in what they described as unprofitable branches investigation by our correspondent has shown.

In a letter of approval from the central bank of Nigeria conveying the approval of the apex bank signed by Z. Markus for director of banking supervision dated Nov. 7th, 2019.According to the document, first bank will shut down banking operations in 23 branches spread across 23 states of the federation.

We also gathered that the banks would lay off hundreds of workers between now and December. The revelation came barely a few months after Diamond Bank Plc, Ecobank and Skye Bank Plc had earlier in the year sacked over 3,000 members of their workforce.

 

It was learnt that following the economic downturn in the country, a number of bank branches could no longer justify their existence as cost analysis had shown that the financial institutions were spending more on salaries and overheads than the income from the branches. Some of the branches for closure are as follows

Katcha Niger State, Iyamoye Kogi State, Oguma Kogi State, Jakusko Yobe State, Okemesi-Ekiti Ekiti State, Damasak Borno State, Garkida Adamawa State, Gulak Adamawa State, Damboa Borno State, Oro Kwara State, Efa Akwa-Ibom State, Tinapa Cross River State, Etinan Akwa Ibom State, Utu Etim Ekpo Akwa Ibom State, Sabongid a-Ora Edo State, Ikirun Osun State, Odi Bayelsa State, Idoani Ondo State, Mopa Kogi State, Aiyetoro-Gbede Kogi State, Share Kwara State, New Langtang Plateau State, Brass Rivers State.

 

The bank was, however, required to deploy alternative banking arrangement to ameliorate the negative impact the closure would cause to the residents of the areas where the branches are located. Some top bank executives, who confirmed the development to our correspondent under the condition of anonymity, said some lenders might be forced to relieve more workers of their duties before the end of this year.

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