Cash Shortages in Ondo State Ahead of Governorship Election.

As Ondo State approaches its governorship election in just one week, residents are grappling with serious cash shortages in commercial banks throughout the region. Reports indicate that politicians from major parties, including the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), have been making substantial withdrawals, purportedly to stockpile cash for vote-buying.

According to sources within the banking sector, a surge in cash withdrawals occurred over the past week, with politicians allegedly colluding with bank managers to facilitate these transactions. A source from a new generation bank stated, “The politicians have colluded with bank managers to withdraw huge amounts of money daily. When the politicians ‘settle’ the bankers, they permit them to withdraw as much as they want.”

As a consequence, everyday customers have found it increasingly difficult to access their own funds. Many banks are informing customers that there is insufficient cash available, leading to frustrations among the public. For instance, a customer named Tunde recounted an experience at a bank in Akure, where he was limited to withdrawing only N10,000 instead of the N50,000 he sought.

Another customer echoed this sentiment, stating, “I was told that I could only withdraw N10,000 as the highest amount, even though I wanted to access N30,000.” The bank representatives attributed these restrictions to limited cash supplied by the Central Bank of Nigeria (CBN).

A bank manager, speaking under conditions of anonymity, confirmed the troubling trend of cash depletion, emphasizing that recent regulations limit cash withdrawals from the CBN to just twice within a two-week period. This has compounded the cash flow issues already affecting the branches.

As the election approaches, the implications of these cash shortages are significant. With allegations of collusion between politicians and banking officials, residents are left questioning the integrity of both the electoral process and the banking system in Ondo State.