New naira: Ogun guarantees bankers and others adequate security

The Ogun State Government on Wednesday assured bankers and all residents of the state of adequate protection while pledging to keep working with the Central Bank of Nigeria to find a solution to the naira shortage that is currently plaguing the country.

During a meeting with the state chapter of Bankers Committee in his office in Abeokuta, Dr. Dapo Okubadejo, the state commissioner for finance and chief economic adviser to the government, provided the assurance.

This was a follow-up to the earlier meeting between the group and the state governor, Dapo Abiodun, which took place on Monday and during which the governor compelled the bankers to adequately distribute cash to the general public.

Okubadejo said the situation is impeding economic activity in the state and that the government is fully prepared to prevent any destruction of banking facilities. He was driven by a desire to address the shortage of naira notes.
The unfortunate incident involving the destruction of some banks’ automated teller machines was a result of frustration caused by the lack of cash, according to the CEA, who assured of improved security across all financial outlets.

Recalling that the governor had previously met with the CBN controller in Ogun State, it was stated that Governor Abiodun was concerned for the safety of people and their property. It was also noted that there were frantic efforts being made to ensure that there was enough money available and that everyone in the state was safe.

Read Also: Anambra woman jailed 21 years for child labour

Okubadejo reaffirmed that the state would keep promoting peace and protecting people and property while pleading with the populace to be patient because the situation would soon be history.
In addition, the financial expert urged the populace to refrain from attacking banks and bankers, pointing out that the state is well-equipped to provide security throughout the state.
However, in order to avoid escalating the already tense situation, he gave the bankers the advice to work around the clock because it is their responsibility to provide the public with the new naira notes.

He said, “As a state, we are using this opportunity to appeal to the Bankers’ Committee to ensure that people have access to their funds, for the smooth running of economic activities across the State. The Central Bank of Nigeria has indicated that it would give money to the various banks.

He emphasized the need for the state to lead industrialization and insisted that the CBN would continue to work with the state government to address the current situation.

The head of the Bankers’ Forum, Mr. Adeniran Oladele, praised the state government for its responsiveness in his remarks and mentioned how the meeting between Governor Abiodun and the CBN leadership earlier had helped to lessen the crisis’ impact.

The banker admitted that false information contributed to the crisis and that some banks lost money as a result of the panicked closures.

He suggested that aggressive mass education be conducted to inform the public about the availability of the new naira notes, arguing that doing so would greatly reduce unrest.

The governor’s deliberate strategy, which included not only engaging the youth but also being practical, responsive, and responsible, is largely responsible for Ogun State’s reputation as a very peaceful state, according to the season banker.