Stanbic IBTC has reviewed its operational hours in some of its branches across Nigeria.
In a notification sent to its customers, Stanbic IBTC stated that effective from Monday, April 25, 2022, none of its branches will close beyond 3:30 pm on working days, as they will all be open each business day from 8:00 am.
See below the working hours of Stanbic IBTC
When BizWatch Nigeria reached out to a staff member of the financial institution to understand the reason behind their operational hours’ review, he explained that the price of diesel is responsible for it.
“The scarcity of diesel and the high cost of the commodity necessitated the move for the bank management to reduce the operational hours for customers. For the past few weeks, we’ve been securing diesel at an exorbitant price, and it is no longer sustainable,” the source revealed.
The pump price of diesel hit a record high of N800 per litre, with the new price showing a significant increase from the N225 per litre sold in January 2021.
Mostly used by largescale businesses to run their daily operations, following the repeated failure by the government to fix Nigeria’s erratic power supply, the price of diesel, which is largely unregulated, has surged by over 113% in the last 14 months.
