By Boluwatife Adedokun
Hundreds of traders in Osun State have reportedly requested the closure of their accounts with United Bank for Africa (UBA) over concerns about the safety of their funds amid the ongoing controversy surrounding the management of local government allocations in the state.
The traders were seen at various UBA branches across the state seeking to terminate their banking relationships, citing media reports linking the bank to the dispute over Osun local government funds.
Some of the affected customers who spoke on condition of anonymity said they declined appeals from bank officials to reconsider their decisions, insisting that the controversy had shaken their confidence in the safety of funds domiciled with the institution.
“Safety is the ultimate consideration in keeping money in a bank. When that is strongly questioned, the only option left is to withdraw one’s hard-earned money,” one trader said.
The trader added, “If reports suggest that due process regarding signatories to public funds was not strictly followed, it raises concerns. If such issues can arise with government funds, ordinary customers like us cannot ignore the implications.”
Another trader, who deals in fabrics and said she had maintained an account with the bank for over 15 years, described her decision as difficult but necessary.
“I have banked with UBA for over a decade, but nothing comes before the safety of my money. The reports about the handling of the Osun local government funds are troubling, and I cannot take chances,” she said.
The controversy stems from the dispute over local government allocations in Osun State, in which UBA was reportedly linked to the management of the accounts. The matter has led to legal action involving the Osun State Government and certain officials of the bank.
A trader identified as Mr. Kolawole (not his real name) said the development raises broader concerns about confidence in the banking system.
“As a major financial institution, UBA plays a key role in maintaining trust in Nigeria’s banking sector. Any perception of compromise affects customers’ confidence. That is why many of us are choosing to move our funds,” he said.
UBA has yet to issue an official public response to the concerns raised by the traders as of the time of filing this report.
