Cash Shortage Hits Ondo State as Politicians Stockpile Funds for Election

With just a week remaining before the Ondo State governorship election, residents are facing a severe cash shortage in commercial banks, with many struggling to withdraw money. Reports suggest that major political parties are behind the crisis, as politicians withdraw large sums of cash in the run-up to the election, allegedly for vote-buying.

Bank customers across the state have expressed frustration after being unable to withdraw the amounts they requested. A source from a new generation bank revealed that politicians from the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) have been making huge withdrawals, often with the assistance of bank managers. These funds are believed to be intended for campaign logistics and vote-buying on election day.

One customer, Tunde, shared his experience at a commercial bank in Akure, where he was only allowed to withdraw N2,000 instead of the N50,000 he had requested. He was advised to use Point-of-Sale (PoS) machines for the remaining amount. Another customer also reported being limited to withdrawing just N10,000 from a bank when he requested N30,000.

A manager at one of the banks confirmed the situation, noting that large withdrawals by politicians had severely depleted cash reserves. He explained that banks were receiving limited funds from the Central Bank of Nigeria (CBN) due to new regulations restricting withdrawals to twice a week, further compounding the cash shortage.

The manager also disclosed that some branches had seen as much as N200 million to N300 million withdrawn weekly by politicians. This has left ordinary customers struggling to access their money. Sources suggest that while politicians from all parties are involved, the ruling APC and the PDP are primarily responsible for the cash crunch.

In response to the allegations, both parties have denied any wrongdoing. PDP’s Publicity Secretary, Mr. Kennedy Peretei, rejected claims of vote-buying, stating that the party’s popularity and the credentials of its candidate, Agboola Ajayi, would be enough to win the election. He suggested that such accusations were likely a tactic to distract from the APC’s alleged poor performance in office.

Similarly, APC’s Director of Media and Publicity, Mr. Steve Otaloro, dismissed the accusations as baseless and part of a smear campaign against the party. He emphasized that the APC was committed to free and fair elections and had full confidence in the electorate’s decision-making.