Information reaching us reveal that Ecobank, one of Nigeria’s financial institutions has done away with one of its branch office located along Adeniyi Jones Avenue of Lagos State.
Globalmonitor reliably gathered that the property was sold to a popular network marketing outfit, Edumark. According to our source,the transaction cost the buyer a whopping sum of N450m, which Estate Valuer confirmed is a good deal. On the other hand,Business Analysts are of the opinion that the bank is currently facing cash crunch problem, and that when a bank starts selling of its properties instead of expanding, it is one of the signs of cash crunch.Globalmonitor also gathered that the property in question is to be converted to a Mega Plaza by the new owners, Edumark. The buyer is also said to have bought another plot of land close the the Ecobank property.As it stands now, customers whose accounts are domicile at the affected branch are already complaining of doing business in order branch that may not be too close to them, while some are already threatening to close their accounts due to fears that the bank is having financial issues.