15th December, 2010
The Marina, Lagos Island, South West Nigeria, was in a state of traffic chaos as workers of Union Bank of Nigeria Plc and Nigeria Labour Congress (NLC), shut down the headquarters of the bank.
Also affected are the branches of the bank around the area especially Marina and Kakawa.
The workers of the bank, who wore red dresses, were protesting over the running aground of the bank by the managing director, Mrs. Funke Osibodu and the management team.
The protesters, in some of the hand bills distributed to members of the public, accused Osibodu of ceding $500 million deposit to First Bank of Nigeria Plc.
They also want the management to explain to the whole world why it is manipulating the books of the bank to justify the Central Bank of Nigeriaâ€™s intervention.
They also want it to show proof of remittance of tax deduction to the appropriate authorities.
Some of the workers who spoke with P.M. NEWS on condition of anonymity said the present management is worse than the one sacked by the CBN Governor, Mallam Sanusi Lamido Sanusi.
They called on the Economic and Financial Crimes Commission (EFCC), to intervene in the matter. If not, they said, Union Bank may be the first failed bank after the consolidation of banks in 2005.
They also alleged that some of the big customers of the bank have started moving their funds to other banks.
The aggrieved workers cited the current face off between Mr. Jimoh Ibrahim and the bank.
As at the time of going to press, activities at the bankâ€™s headquarters and nearby branches were grounded.
The management, however, could not be reached for their own side of the story as they were alleged to be in hiding.