After weeks of government rhetoric advising against a cost-of-living protest, Nigerian banks are choosing caution, telling employees to work from home on Thursday, the first day of the protest. At least five commercial banks told employees at their head office and branches considered to be in volatile areas to stay home, according to several emails seen by TechCabal.
At least two top banks did not ask employees to work remotely, telling them to “dress down” and “avoid protest routes.” Three employees at those banks said several teams still chose to work from home, with team leads citing safety concerns.
“All colleagues in non-essential roles are encouraged to prioritise working remotely from the nearest branch or hub,” said an excerpt from an email communication from a top Nigerian bank. “Colleagues in essential roles working on-site are required to maintain situational awareness and regularly engage supervisors or line managers to provide or receive important updates as applicable.”
Nigeria’s commercial banks are some of the country’s most prominent businesses, valued at trillions of naira. In the 2020 protest to end police brutality, the banks were widely criticised for allegedly freezing bank accounts related to protest organisers. When the protests were infiltrated by thugs, some Nigerian banks were affected by the violence. It has influenced how the banks react to unpredictable situations.
The Lagos state government is also choosing caution, telling people not to protest and surrounding many parts of the city with noticeable police presence. Two people reported significant military presence on the third mainland bridge and several other areas in the business district of Victoria Island.
At least four state governments have obtained court orders limiting protesters to certain parts of the city. The legality of those court orders has been questioned.
As Nigeria faces its worst economic crisis in a decade, Nigerians are feeling the pinch, with headline and food inflation at record levels. Economic reforms, including a much-needed removal of fuel subsidies and a relaxed FX policy regime, have not delivered the quick wins the government hoped for.
