Endless Queue, Cash Drought Hits Mainstreet Bank

Sometimes ago, it was in the news that the Managing Director/Chief Executive Officer of Mainstreet Bank Limited, Faith Tuedor- Matthews, was suspended by the board of directors of the bank. Just when the management was trying to clear the mess, another crisis involving Intangis Holdings, an American financial and investment company that specialises in emerging markets, threatening to institute legal action against AMCON over the proposed sale of Mainstreet Bank.

Mainstreet, bank that prides itself as a reengineered entity’s many crises includes cash drought presently ravaging the bank branches nationwide.  Visit to several of its branches in both Lagos and Ogun state witnessed long queue and inability to complete banking transactions by customers. 

Few days ago, hell was let loose at one of mainstreet branches located at Km 2, Abeokuta Expressway, sango-Otta, Ogun State when angry customers protested their inability to make withdrawals after on queue for several hours.

According to eye witnesses, as early as 7:30am on Tuesday, 16 December 2014, customers who were asked to come back aft er futile effort to make withdrawals the previous week, stormed the branch with most intention to close their accounts and move to other banks. Those in the known claimed that the customers met fortified security who sounded thunderous warnings that are customers must act with decorum. The hefty security men couldn’t control the situation when as at 3:45pm, just only few were able to make withdrawals.  The customers confronted the security men and vandalized some of the bank properties but the arrival of police men from Sango police station brought calmness to the situation.    

An insider of the bank who pleaded anonymity revealed that the cash drought has been kept under control for many months until it now got to the public. She added