Access Bank Closes 340 Branches In The Country, Possibility Of Sacking Workers

Uncertainties have trailed Access Bank’s alleged closure of 340 branches across Nigeria, as the bank yesterday denied the allegations, insisting that the branches were closed at the onset of the COVID-19 lockdown.

An online media, on Saturday, May 2; quoted the Managing Director of the bank, Herbert Wigwe, to have announced the closure of over 300 branches nationwide via video conferencing in a town hall meeting with the staff.

This comes barely one year after Access acquired Diamond Bank in a $235million deal that reputedly created Africa’s largest bank by customers. Recall that in December 2018, Access had agreed to buy mid-tier lender, Diamond Bank with cash and shares, creating a bank with 29 million customers, which the two banks have said is more than any other bank in Africa.

The acquisition also reduced the number of players in Nigeria’s banking sector, where the top five banks control more than 60 percent of its assets.
Wigwe was quoted to have said he decision was in a move to reduce operating costs due to the COVID-19 pandemic.