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🇳🇬 Nigeria /Economy & Trade

Ondo Residents Urge First Bank to Reopen Branch Closed After 2019 Robbery

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Residents of Ido-Ani in Ondo State, Nigeria, are urging First Bank to reopen its branch, closed since a 2019 robbery.
  • The 2019 attack resulted in an undisclosed sum stolen and the deaths of six people, including a policeman and a school vice-principal.
  • Community leaders argue reopening the branch would revive economic activity and honor the bank's first indigenous managing director, who was from the town.

Residents of Ido-Ani, a community in Ose Local Government Area of Ondo State, Nigeria, are appealing to First Bank of Nigeria to reopen its branch, which has been closed for seven years. The branch was shut down following a devastating armed robbery attack in April 2019.

During the 2019 incident, robbers made off with an undisclosed amount of money from the Automated Teller Machine. Tragically, the attack also claimed the lives of at least six people, including a police officer and a school vice-principal. While one suspect was apprehended, the community has since been without essential banking services.

Community leader Steve Otaloro, speaking on behalf of the residents, urged the bank's management to reconsider the closure. He described the continued shutdown as inconsistent with the legacy of Chief Samuel Asabia, the bank's first indigenous Managing Director, who hailed from Ido-Ani. Otaloro emphasized that restoring banking operations would significantly revive local economic activities.

While there is no public evidence that the branch was established solely because it was Asabia’s hometown, its establishment during his tenure remains historically significant and symbolises the philosophy of taking banking services to the grassroots.

— Mr Steve OtaloroA community leader explaining the historical significance of the First Bank branch in Ido-Ani and its connection to the bank's first indigenous Managing Director.

The Ido-Ani branch, established in the 1980s, holds historical significance as it was built during Asabia's tenure, symbolizing a commitment to bringing banking services to grassroots communities. Unlike many rural branches operating from rented spaces, First Bank invested in constructing a dedicated banking hall and a manager's residence, indicating a long-term commitment.

For decades, the branch served as a crucial financial hub for Ido-Ani and surrounding settlements, including Idogun, Imeri, and Owani. It catered to the needs of institutions like the Federal Government College and the Nigerian Navy Secondary School, as well as numerous individuals and businesses. The closure has forced residents and business owners to travel long distances for transactions, increasing reliance on less secure Point-of-Sale operators.

For several decades, the branch served as the major financial hub for communities including Idogun, Imeri, Owani, Afo, Ikun, Oba and other neighbouring settlements.

— Mr Steve OtaloroHighlighting the vital role the bank branch played in serving the wider region before its closure.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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