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...Banks prepare for panic withdrawals
�Airlines assure on flights
FELIX NWANERI, OKEY NWANKWO (Lagos), MUHAMMAD KABIR (Kano)
AHEAD of tomorrow�s nationwide strike called by Labour to protest the hike in fuel prices, banks may have made
adequate arrangements to cope with the expected panic withdrawals by customers.
Similarly, airline operators in the country allayed fears of plans to reschedule or cancel flights on account of
the strike, saying they would operate normally.
By Saturday, halls of banks that operate weekend banking witnessed a rush of customers who besieged the counters
to withdraw money even as Secretary to Government of the Federation (SFG), Chief Ufot Ekaette warned the Nigeria
Labour Congress (NLC) and its civil society allies that the industrial action will not restore the fuel price crisis.
Investigations by Daily Champion indicated that such panic withdrawals may reach a crescendo today (Monday) as
workers and traders prepare for tomorrow�s showdown.
Despite the government�s announcement to slash the price of kerosene by N10 and Labour�s insistence to embark on
the strike, Nigerians appear not ready to take chances.
As a result, such last minute withdrawals and shopping continued as uncertainty surround the outcome of such protest.
According to the Deputy-Director (Corporate Affairs), Central Bank of Nigeria (CBN), Chief Tony Ede, "since
this impending strike was not first of its kind, banks surely must have prepared for such cash demand."
He stated that this situation was coming moreso as bank workers themselves will likely be on strike, and banking
halls may be closed, beginning tomorrow.
A senior manager in an old generation bank told Daily Champion that they envisaged a large turn-out of customers
who would want to withdraw money today.
He said that "the tradition is for the branch managers to call for more support staff to ensure the banking
halls are decongested".
He assured that banks will rise to the occasion and ensure that customers are not disappointed as enough funds
will be kept in all the branches.
Another staff of a new generation bank confirmed that they are not ready to disappoint their customers, especially
in this period of consolidation where banks are desperately looking for more deposits.
Meanwhile, the SGF Saturday warned Labour and its civil society allies gearing up for tomorrow�s possible commencement
of a nationwide strike that the industrial action will not resolve the vexed issue on fuel price hike.
Speaking with newsmen in Kano during a condolence visit to Alhaji Nnuman Barau, a federal Permanent Secretary who
lost his father, Chief Ekaette urged all stakeholders to explore the option of dialogue, saying it is an inexhaustible
avenue to resolving all problems.
"Strike will not solve the problems on the ground," the SGF noted.
According to him, industrial action over the increased fuel price would rather worsen the difficult situation of
the citizenry.
The SFG noted that, the recent reduction in the price of kerosine by the Federal Government was a departure from
the previous hardline position on such issue. President Obasanjo ordered a N10 decrease in kerosine price.
"Dialogue is the only answer to all the problems relating to the fuel price increment and its allies. Therefore,
Labour should consider dialogue as the solution to what they perceived as improper in government policies",
Ekaette said.
Ekaette observed that many interest groups have advised Labour and its allies against embarking on strike because
of the negative effect on the masses, adding that "they should see reason and stay put in the cushioning measures
committee with a view of joining hands together in reducing the hardship on Nigerians".
On deregulation of the downstream oil sector, the SGF insisted that there is no alternative to the deregulation
of the sector "because it has worked on all other sectors like communications, transport, aviation, so fuel
should not be in isolation"
Meanwhile, airline operators in the country have allayed fears of plans to reschedule or cdancel flights as the
proposed strike commences tomorrow.
This is coming on the heels of threat by the National Union of Air Transport Employers (NUATE) to shut the airspace
during the strike.
Speaking with Daily Champion yesterday, a top official of Virgin Atlantic Airways, said the airline has no plans
to cancel or reschedule any of its flights even if Labour goes ahead with the strike.
"Virgin Atlantic will operate its flights. We have no plans to reschedule or cancel any of our flights,"
the official said.
In the same vein, domestic operators have assured of normal flight operations as long as passengers turn up at
the airport.
Commercial and public Affairs Manager of Sosoliso Airlines, Mr. Chimaobi Orji told Daily Champion in Lagos that
the airline will come out with a contingency plan which will take care of its passengers by the time the strike
begins.
His words: "Although it is too early to comment now, as nobody knows what is going to happen tomorrow, if
the strike commences, we will come out with a contingency plan that will take care of our passengers."
© 2004 @ Champion Newspapers Limited (All Right Reserved).
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