First Bank customers appeal for urgent settlement with GHL to avoid bank run

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Some customers of FirstBank Plc have appealed to the bank to urgently settle its disagreement with General Hydrocarbons Limited (GHL) to avoid “bank run”.
Some of the customers, who spoke in Abuja on Sun- day said that the disagreement was not healthy for a financial institution and inclusion.
They said that the increasing media reports about the rift between the parties had caused panic amongst them.
A bank run occurs when a large number of depositors rush to withdraw their funds from a bank simultaneously, driven by fears that the bank might fail.
This sudden surge in withdrawals can quickly deplete a bank’s reserves, potentially leading to its collapse.
Mrs. Chinenye Olaedo, a United Kingdom (UK) based customer of First Bank, said that the development had made her transfer some of her funds from the bank to another.
She urged the management of First Bank Plc to promptly ensure swift resolution of the matter to avoid bank run.
“When I read about this matter in the media, I quickly transferred part of my funds with the bank to another of my Nigerian banks.
“I do not want to go through what some of my friends experienced with Heritage Bank. ”First Bank should please resolve this as a matter of urgency because I have an age long confidence in the bank,” she said.
Mr. Aliyu Madaki, a Civil Servant, said that the issue should not be allowed to erode customers’ confidence and the integrity of the bank, given its pedigree as one of the oldest listed financial institutions.
Madaki appealed to the management of the bank to make efforts toward resolving the matter amicably in the interest of customers and their funds.
Mr. Tunde Adeola, another customer of the bank, said that this was not the first time a bank would have a rift with an entity.
Adeola, however, said that there was an urgent need for matter to be resolved given the country’s current economic situation.
A student, Miss Judith Bennett, said that she had already moved her savings account to a different bank to avoid stories and hitches going forward.