FirstBank, GTB, others reduce operating hours as power supply worsens, diesel prices skyrockets

Some deposit money banks (DMBs) have taken measures to reduce operational costs over the rising prices of diesel and epileptic power supply in recent times, Newsclickng.com can authoritatively report.   

Newsclickng.com reports that Nigerians in the last couple of weeks have had to grapple with the twin challenges of epileptic power supply (owing to back-to-back collapse of the national grid) and scarcity of fuel.

The Chairman of United Bank for Africa (UBA), Tony Elumelu recently attacked designated authorities over the negative tolls of these challenges on businesses nationwide.

Rising energy cost, particularly diesel, has affected all the sectors of the economy, forcing many organisations to stagger operating hours in a bid to manage cost.

In some areas, the pump price of diesel per litre has risen to as high as N800 from the N225/litre in January 2021.

To mitigate the effects of these challenges, First Bank of Nigeria has revised operating hours for its branches nationwide.

According to a publication on the website of the tier 1 bank, some branches are to operate from 8am to 1pm based on their locations, others 8am to 2pm, 8am to 3pm and 8am to 4pm.

“We have revised our banking hours across all our locations. The revised opening and closing hours will be effective from Monday, 11 April 2022,” the bank stated in the publication.

The bank however advised customers to make use of its ‘24/7 alternative and digital channels’ to meet their banking needs.

In a similar development, Guaranty Trust Bank (GTB) had earlier (in March) reduced its operational closing hours from 5:00 p.m. to 4:00 p.m.

Though both banks were silent on the reasons for the development, however insiders from the financial institution confirmed to Newsclickng.com that it was a drastic move by the management to reduce daily operational costs that has now tripled and eating deep into the banks’ finances.