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Reading: Cash Crunch: Angry Customers Set Ablaze ATM in Lagos
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Nigeria

Cash Crunch: Angry Customers Set Ablaze ATM in Lagos

 An automated teller machine (ATM) was set on fire in the early hours of Sunday morning in the Ikeja area of Lagos State, as a result of a c...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief February 22, 2023
Updated February 22, 2023 at 3:27 PM
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Cash Crunch: Angry Customers Set Ablaze ATM in Lagos
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Cash Crunch: Angry Customers Set Ablaze ATM in Lagos
 An automated teller machine (ATM) was set on fire in the early hours of Sunday morning in the Ikeja area of Lagos State, as a result of a cash crunch that has been affecting banking operations in the country. 

The incident occurred at a branch of the United Bank of Africa (UBA) located at the Ikeja Shopping Mall after customers had been waiting for hours to access their money. According to reports, the ATM malfunctioned and could not dispense the cash. Angered, the customers set ablaze on the machine.

Unfortunately, the incident could not be controlled before it spread to other parts of the mall. Firefighters were called to the scene to put out the fire, but the damage was already done. No casualties were reported and no suspects were apprehended.

The incident is a clear reflection of the challenges facing the banking sector in Nigeria. For months now, customers have been complaining about long queues, cash shortages, and an inability to access their own funds due to restrictions by the Central Bank of Nigeria (CBN).

The cash crunch has prompted an outcry from Nigerians, who are demanding that the CBN address the situation and provide a solution that can ensure their access to funds. 

The fire incident in Lagos is a reminder of the desperation of customers who are fed up with the cash crunch and are looking for solutions. It is also a call to action for the CBN, which must take swift and decisive action to address the situation and restore confidence in the sector.

Tags: Nigeria

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