Keystone Bank says FG did not order it to close ‘TakeBackNaija’ account

By Guardian Nigeria
07 November 2022 | 7:30 am

Keystone Bank Limited has debunked a statement credited to a political group, “TakeBackNaija Initiative”, which alleged that the Federal Government had ordered the closure of its accounts with the bank for supporting the presidential candidate of the Labour Party, Mr. Peter Obi.

In a statement issued by Keystone Bank Management and made available to newsmen on Monday, the lender denied the allegations, stressing that at no time did the Federal Government or anyone else order it to close the said account.

The bank said it closed the account because “it was irregularly opened, contrary to extant regulatory guidelines.”

“In line with applicable regulatory guidelines on treatment of such accounts with irregularities, funds received into this account have been returned to their sources of origin.

“While we recognise the right of every citizen of our country to freely associate in pursuit of common objectives, we also believe as an institution that is subject to supervisory regulations, it is imperative we act within the confines of prescribed guidelines in all our dealings.

“Keystone Bank is open to doing business with every Nigerian irrespective of background or beliefs. But we also owe the public a duty to conduct our business in a safe manner” the statement said.

Keystone Bank Limited, founded in 2011, is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.

FG did not order Keystone Bank to close ‘TakeBackNaija’ account –Management

7th November 2022

Keystone Bank Limited has debunked a statement credited to a political group, “TakeBackNaija Initiative”, which alleged that the Federal Government had ordered the closure of its accounts with the Bank for supporting the presidential candidate of the Labour Party, Mr. Peter Obi.

In a statement issued by Keystone Bank Management and made available to newsmen on Monday, the lender denied the allegations stressing that at no time did the Federal Government or anyone order it to close the said account.

The Bank said it closed the account because “it was irregularly opened contrary to extant regulatory guidelines.”

“In line with applicable regulatory guidelines on treatment of such accounts with irregularities, funds received into this account have been returned to their sources of origin.

“While we recognize the right of every citizen of our country to freely associate in pursuit of common objectives, we also believe as an institution that is subject to supervisory regulations, it is imperative we act within the confines of prescribed guidelines in all our dealings.

“Keystone Bank is open to doing business with every Nigerian irrespective of background or beliefs. But we also owe the public a duty to conduct our business in a safe manner” the statement said.

jubrilELsudan:
THUNDER FIRE KEYSTONE

Neduzze5:
Well, it is my belief that the handlers of this initiative have their lawyers.

This is a very lovely case to begin in court, and I'd love to follow the proceedings to the end.

All the lawyers of the Take Back Naija Movement needs to do is to study the account opening package of Keystone and documentation requirements, pick out several loopholes and slam a 10 billion naira lawsuit on them for damages.

All that these corrupt entities are doing will however not stop President Peter Obi from being sworn in as the President of the Federal Republic of Nigeria come 2023.

sammychimex:
Why was it opened initially if it didn't follow the laid down rules. This sounds more like the bank taking the bullet on behalf of the rulling party.
The account wouldn't have been opened if the necessary documentation wasn't met.

MelesZanawi:
It is the turn of Keystone Bank to be roundly insulted by Obidient pigs.

stuff46:
As a customer, why should I bear the brunt of an ineptitude of a banks failure to do a good KYC?

Well, I think TBN should move on and take necessary actions against such serious damage incurred on them after so much times.

I'm actually hearing of a refund deposit for the first time, TBH