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Bank Robbery: A threat to Commercial Bank Performance in Nigeria

Published

6 years ago

February 13, 2020

Robbery and fraud is two monsters threatening the smooth and successful operation of commercial banks in Nigeria. Bank robbery and fraud are two-dimensional terrorist acts against commercial banks in Nigeria.

The thin line of demarcation is that while armed robbery attack is a vicious and deadly attack against the banking institution, customers and society, bank fraud is a clandestine assault with a damaging psychological effect primarily on the account holder and secondarily, an adverse effect on the goodwill of the bank.

The spate of bank robbery and fraud cum the temerity of the criminals are symptoms of a dysfunctional legal order with an imminent adverse and grave consequence on trade and commerce.

Bank robbery is more attractive to the robbers than any other kind of robbery as the operations are always carried out without any barrier while a huge amount of money is always carted away during each operation.

The commercial banks in Nigeria from 2011 to date have on a regular basis been attacked in a vicious manner leading to the loss of huge amounts of money and death of some people. Some branches of the bank have been closed temporarily while the only skeletal operation takes place is some branches.

Experts have defined commercial bank as a type of financial intermediary and a type of bank that provides facilities for current accounts, savings accounts, and other variety of services that facilitates trade and commerce particularly the grant of loans on the short and medium-term.

According to financial experts, a commercial bank is defined by the banking and other Financial institutions Act as a bank whose business includes receiving deposit on the deposit account, provision of finance, consultancy and advisory services relating to corporate and investment matters, making or managing investments on behalf of any person.

The Cashless policy has as one of its motivating factors they desire to checkmate the incidence of robberies associated with cash transactions. Armed robbery in Nigeria from 2011 to date is directed not against individuals or corporate account holders with cash-in-transit. The focus has shifted to the strong room and the bullion vans of the banks with human causalities at every strike and damage of property.

The bank robbery in Ekiti, Ondo, Lagos, Rivers and other states between 2014 and 2015 were complemented with the vicious and dastard attacks at police stations occasioning the death of policemen on duty.

Recently, Tragedy struck yesterday at Ile-oluji, the headquarter of Ile-Oluji/Okeigbo Local Government Area of Ondo State as two old generation banks were attacked by armed robbers, killing four persons including two police officers. The Guardian gathered that the armed robbers invaded the banks at about 4:00 p.m. Shooting sporadically, with some of the stray bullets killing the victims.

Eyewitnesses of bank robbery have explained that bank robbery in Nigeria is executed in convoy of vehicles and combatants not less than twenty people with sophisticated weapons superior to the cache in the armory of the security agencies.

Recently, Tragedy struck yesterday at Ile-oluji, the headquarter of Ile-Oluji/Okeigbo Local Government Area of Ondo State as two old generation banks were attacked by armed robbers, killing four persons including two police officers. The Guardian gathered that the armed robbers invaded the banks at about 4:00 p.m shooting sporadically, with some of the stray bullets killing the victims.

A group of robbers stormed a bank in a suburb of Nigeria’s capital Abuja but before they could finish their ‘transaction’ and flee, soldiers and police arrived at the scene.

Local media outlets reported that a standoff ensued at Mpape in Abuja between a gang and the security forces who were holed up in a branch of First Bank.

The security team was seen in social media posts trying to use other means to gain access into the building including options of entering through the roof.

The armed robbers were said to have stormed the bank, shooting sporadically into the air to scare people away. They were said to have succeeded in gaining entry into the banking hall, a local news outlet Sahara Reporters said.

Reports said a robber attempted to force his way out and in the process got shot before he returned into the premises. Some of the robbers are also reported to have been apprehended.

It is not known as yet how many they were in all. The bank in a statement said all employees and customers caught up in the incident were safe. It also thanked the security forces for their swift reaction.

Bank Robbery is gradually forcing many of the banks to close down local branches and activities in some cities in Nigeria.

For instance, since the robbery attack at Ikere Ekiti, Ifaki Ekiti and Ilasa – Ekiti between September and December 2014, the First Bank Plc operations in the rural areas in Ekiti State have been reduced or at best skeletal. The bank robbery in Ekiti State and the Ondo States between 2014 and 2015 appears to be targeted against First Bank Plc which is one of the leading banks in Nigeria.

The security situation in Nigeria and particularly as it affects commercial banks operations is affecting the operations of banks who on many occasions are forced to close down for days and whenever they open they are compelled to reduce the hours of service because of security alerts.

The prevalence of Armed Robbery in Nigeria is fast becoming epidemic. It is being blamed on the dwindling economic fortunes of the majority and the widening gaps between the affluent and the poor.

In a chat with a financial expert, Godwin Nmokogwu who spoke on the danger of bank robbery on the nation’s economy said that ‘’ the spate of armed robbery attacks on commercial banks in Nigeria portends great danger for the economy of Nigeria. Commercial banks in Nigeria operate under the atmosphere of fear in view of the incessant attack on back premises which on each strike has resulted in the theft of huge amounts of cash, loss of lives and damage to property.

‘’Each operation by the armed robbery is always vicious and violent as the operation is carried out with sophisticated weapons superior to that of the police and other security agencies.

According to him, the law as an instrument of social engineering must foster social order, peace and security.

He added that there are enough Statutes in Nigeria to ensure security of lives and property but other norms such as moral and religion should be evoked.

He stressed that the government needs to reinforce the ethical revolution campaign through a pragmatic approach rather than the cosmetic approach of the government. The Police Community Public Relations Committee at levels should be proactive and aggressive as informants on security matters.

In the unlikely event of closure of licensed banks in the country, the Nigeria Deposit Insurance Corporation (NDIC) said it has set aside the sum of N258.767 billion in the 2019 fiscal year for the reimbursement of depositors.

Managing Director NDIC, Dr Umaru Ibrahim, disclosed this while defending the Corporation’s 2019 budget estimates before the House Committee on Insurance and Actuarial Matters in Abuja.

Giving a breakdown of the funds, the NDIC CEO said N109.686 billion was provided for depositors of Deposit Money Banks (DMBs), while N149.081 billion has been set aside for depositors of Primary Mortgage Banks (PMBs) and Micro Finance Banks (MFBs).

He explained that the estimates were consistent with the Corporation’s mandate of providing financial guarantee to depositors of failed banks towards promoting public confidence in the banking sector. This, he added, is critical to the sustenance of the stability of the entire financial system.

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Daughters of Dr. Charles Ononiwu, Chiamanda and Chiamaka, Launch Debut Books to Uplift Hearts Facing Life’s Struggles

Published

3 weeks ago

October 10, 2025

The Gleamer

Joel Ajayi

At just 18 and 20 years old, Chiamanda and Chiamaka Ononiwu — daughters of renowned Nigerian surgeon Dr. Charles Ononiwu — have achieved a remarkable milestone with the release of their debut inspirational books, Do Not Be Afraid and Waterfalls.

Their literary journey began six years ago, during the height of the global COVID-19 pandemic. While the world was engulfed in fear and uncertainty, the then 13- and 15-year-old sisters turned inward, using writing as an outlet to process their emotions, express their faith, and reach out to others with messages of hope and resilience.

What began as a quiet act of creativity blossomed into two powerful books that now serve as beacons of light for readers navigating life’s storms.

Eighteen-year-old Chiamanda Ononiwu is the author of Do Not Be Afraid. A passionate Electrical Engineering student , she is also a proud alumna of Intellichild TLC and Valedictorian of Great Blessings School, Class of 2022.

In her book, she addresses the emotional challenges many young people face and draws from her personal faith to offer guidance and encouragement.

Her elder sister, Chiamaka Ononiwu, 20, is a final-year medical student at Babcock University in Nigeria. She penned Waterfalls, a heartfelt and deeply spiritual work she describes as divinely inspired. Chiamaka views her writing as a calling — a mission to uplift souls and bring hope to those struggling with life’s challenges.

“Personally, I would say it all started with the idea of inclusion, inspired by real human experiences,” Chiamaka shared. “We’ve had conversations with people who’ve gone through difficult situations — including issues and those stories helped shape what I write today.”

She added, “It’s all about encouraging people to face life with faith. We began this journey during a dark time in the world, and I felt called to create something that could offer comfort and hope — not just locally, but globally.”

The official book launch and signing ceremony took place on Wednesday in Abuja, Nigeria’s capital, and was attended by family, friends, colleagues, and well-wishers. It was a celebration of creativity, faith, and youthful brilliance, as the sisters presented their work to an inspired audience.

Speaking at the event, Chiamaka emphasized the core message of her book: “Waterfalls reminds readers that God is always watching over His people. He doesn’t bring fear — He brings peace, hope, and love. I want readers to find comfort and assurance in that truth.”

For Chiamanda, her book is a message to young people who may feel overwhelmed by life’s pressures: “Do Not Be Afraid is especially for youth navigating difficult times. No matter how hard life gets, you can always find strength and direction in God’s word.”

Writing came naturally to both sisters. Chiamaka recalled, “Even as a child, I loved writing short stories for my siblings. When the opportunity came to publish, I knew it was time to share my message with a wider audience.”

Despite their demanding academic paths, both young women balanced their studies with writing through perseverance and faith.

Chiamanda and Chiamaka are united by a shared dream — to inspire people across the world with their writing.

Chiamaka expressed Further; “Our biggest hope is that these books will reach people who need to know that God is real, that He’s always with them, and that through Him, anything is possible,” Chiamaka said.

With Do Not Be Afraid and Waterfalls, the Ononiwu sisters have not only created literary works — they’ve created lifelines. Their voices, grounded in faith and driven by purpose, remind readers everywhere that even in the darkest moments, God’s light never fades.

Their father, Dr. Charles Ononiwu — a distinguished surgeon and deeply devoted parent — also spoke at the event, sharing the journey from his perspective.

“For me, my number one priority has always been to care for children — not just medically, but also by encouraging them academically and in the basics of life,” he said.

He recounted a moving moment with Chiamanda, who approached him with the idea of sharing her story publicly to inspire others.

“She came to me and said she wanted to talk to her peers, to share how she had been comforted, and to help them see that everything would be okay,” he recalled. “As a father, my role was to guide her. I support both of them, help activate their strengths, and provide direction.”

Dr. Ononiwu made the decision to fund the publication of their books himself, believing in the power of their message.

“I told them, ‘You have something the world needs. You can make an impact in the lives of others,’” he said. “I believe every child has a gift. It is our responsibility as parents not to dismiss them, but to help them discover and nurture their talents.”

He encouraged all parents to support their children’s creative pursuits, noting, “Every person has something special inside them — no one is without talent. It’s just a matter of looking inward, discovering that gift, and sharing it with the world.”

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