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Bank Robbery: A threat to Commercial Bank Performance in Nigeria

Published

7 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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Business

Turning Africa’s Raw Materials Into Wealth: The ARMS 2026 Industrial Agenda

Published

4 days ago

September 29, 2026

The Gleamer

By Joel Ajayi

For decades, Africa’s vast natural resources have powered industries and economies far beyond the continent, while many African countries have remained largely exporters of unprocessed commodities and importers of finished products.

That familiar pattern is now coming under renewed scrutiny as policymakers, researchers, investors and industrialists seek to change the direction of Africa’s resource economy.

At the centre of that conversation is the second edition of the Africa Raw Materials Summit (ARMS 2026), scheduled for October 19 and 20 at the Abuja Continental Hotel, Abuja, under the theme: “From African Feedstock to African Factories.”

Organised by the Raw Materials Research and Development Council (RMRDC), the summit is being positioned as more than another gathering of policymakers and industry stakeholders. It is intended to provide a platform for confronting the structural challenges that have kept African raw materials largely disconnected from local manufacturing.

Africa has for years operated largely within a “pit-to-port” economic model, exporting raw materials while importing expensive finished products.

Speaking at a press conference ahead of the summit on Tuesday in Abuja, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, said the event would bring together policymakers, investors, researchers, technology providers and industrialists to develop practical strategies for transforming Africa’s abundant natural resources into industrial wealth.

The challenge, therefore, is not simply the abundance of resources, but the continent’s ability to transform those resources into industrial value, employment, technology and wealth within Africa.

Nigeria alone, according to the RMRDC, has more than $582.4 billion in documented non-renewable natural resources, while the wider continent possesses substantial deposits of critical minerals, agricultural raw materials and industrial feedstock.

Yet, the benefits of this resource endowment have often been constrained by inadequate processing capacity, weak infrastructure, limited technology, financing gaps and fragmented regional value chains.

From Dialogue to Industrial Action

ARMS 2026 builds on the maiden edition held in May 2025, which attracted more than 1,000 delegates from across the world.

The inaugural summit also witnessed the unveiling of the Ten-Year Raw Materials Transformation Roadmap (2025–2034) by the Minister of State for Industry, Senator John Owen Enoh.

The roadmap was designed around areas including technological capability, climate-resilient processing and backward integration, establishing a policy framework for greater domestic utilisation of Africa’s raw materials.

The second edition is expected to move the conversation further by bringing policy, capital, technology and industrial stakeholders around practical mechanisms for turning raw materials into locally manufactured products.

One of the major proposals highlighted by the RMRDC is the 30 per cent Mandatory Value Addition Bill, which seeks to establish a statutory minimum level of value addition to Nigerian raw materials before export.

The Council says the proposed framework could support job creation, import substitution, foreign-exchange conservation and increased manufacturing contribution to the economy.

Building the Infrastructure for Value Addition

The industrial transformation envisaged by ARMS 2026 goes beyond legislation.

A major concern is the “missing middle” between where raw materials are produced and where factories are located.

Poor transportation networks, inadequate cold-chain facilities, weak rural roads, limited testing and certification infrastructure and border-related delays can make locally sourced materials more expensive and less competitive.

Consequently, logistics and infrastructure constitute one of the five principal pillars of the summit.

The objective is to develop more reliable corridors connecting farms and mines with processing centres and manufacturing facilities, thereby reducing losses and improving the movement of industrial inputs.

The Digital Dimension

Technology is also becoming an important part of the Council’s strategy.

The RMRDC says it has developed the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP), described as a digital repository containing information on feedstock deposits, specifications, production outputs and industrial absorption rates.

The Council has also highlighted its transition towards paperless operations and its certification as a Data Controller/Processor of Major Importance by the Nigeria Data Protection Commission.

Such digital infrastructure could provide investors and manufacturers with better information about the availability and characteristics of raw materials while supporting more informed industrial planning.

Turning Waste Into Industrial Inputs

Another major component of ARMS 2026 is the proposed expansion of the circular economy.

The summit will examine how agricultural by-products, mine tailings, scrap metals and biomass can be recovered and reused as inputs for new production processes rather than being treated simply as waste.

The RMRDC argues that such an approach could lower raw-material costs while supporting more sustainable and climate-resilient manufacturing systems.

For Africa, where industrial expansion must increasingly balance economic development with environmental considerations, waste industrialisation could become an important part of the continent’s manufacturing conversation.

From National Production to African Value Chains

The African Continental Free Trade Area is another important element of the summit’s agenda.

The RMRDC sees AfCFTA as an opportunity to create regional value chains in which raw materials sourced in one African country can be processed and supplied to manufacturers in another.

Under such a model, Africa would move beyond simply exporting commodities to external markets and develop stronger internal networks for supplying chemicals, refined minerals, agricultural inputs and other industrial materials across national borders.

This approach places regional integration at the heart of Africa’s industrialisation strategy.

Bridging Research and Capital

A recurring weakness in many developing economies is the gap between research and commercialisation.

Innovations may emerge from universities, research institutions and laboratories without receiving the financing, equipment or market connections required to become commercially viable.

ARMS 2026 intends to address that gap through technology commercialisation and capital linkages, connecting research outputs with investors, development finance institutions and industrial off-takers.

The RMRDC has also cited partnerships with the Bank of Industry for commercial-scale post-harvest processing and a South-South technology-transfer partnership with the National Innovation Centre par Excellence in Shanghai, China.

A Larger Industrial Conversation

The scale of ARMS 2026 is expected to be significantly larger than the maiden edition.

The organisers project more than 1,800 delegates from all 54 African countries and global industrial partners.

The programme will feature high-level policy dialogues, technical panels, an advanced raw materials and technology exhibition, industrial site visits and the African Raw Materials Industry Awards.

The exhibition, in particular, is expected to showcase locally fabricated processing machinery, advanced domestic materials, green chemicals and engineered commercial inputs.

Beyond the speeches and exhibitions, however, the real significance of ARMS 2026 will ultimately depend on what happens after the summit.

Africa’s challenge has never been a shortage of raw materials. The more difficult question has been how to transform those resources into factories, products, skilled employment, technology and sustainable economic opportunities.

For Nigeria and the rest of the continent, the proposed shift from “pit-to-port” to “feedstock-to-factory” therefore represents a broader debate about the future structure of African economies.

ARMS 2026 seeks to place that debate firmly on the industrial agenda — with value addition, technology, finance, infrastructure, circular production and regional trade at the centre.

If the commitments and partnerships generated by the summit translate into measurable industrial activity, the event could provide another platform for Africa to examine how its enormous resource base can support stronger domestic manufacturing.

The message from the organisers is clear: the continent’s raw materials should not only leave African soil as commodities; they should increasingly become the foundation for African industrial production

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