If the latest information reaching us is anything to
believe, then, these are not the best of times for Mr. Phillip Ikeazor, the
managing director/chief executive officer of Keystone Bank Limited over an
alleged N4.2 billion illegal transaction as some aggrieved shareholders of the
bank have expressed dissatisfaction with the poor performance of the bank’s
chief and are therefore calling for his resignation.
We learnt, the Economic and Financial Crimes
Commission, EFCC, has raised a team to interrogate the managing
director/chief executive officer of alongside two other directors of the bank.
The two other directors under investigation by
the agency, a source at the anti-graft agency said, are the executive director,
corporate bank and treasury, Mr. Hafiz Bakare and executive director, North
directorate, Dr. Shehu Muhammad.
According to the source, the call for the
investigation came on the heels of the House of Representatives Public
Accounts Committee (PAC) submission urging the anti-graft agency to beam
its searchlight on the lender over its illegal movement of N4.2 billion from
the Industrial Trust Fund’s account domiciled with the bank.
The committee said circumstances that led to
the transfer of the fund without due permission from ITF should be investigated
to ascertain the rationale behind such action.
Citing the auditor-general’s report, deputy
chairman of the committee, Rep Ibrahim Baba (APC, Bauchi), who presided over
the panel’s session on the matter said Keystone Bank moved money thrice from
ITF’s account domiciled in the bank in November 2010.
He said on discovering the irregular transaction
during one of its audit visits, the auditor-general’s team raised a query on
the matter, saying an interest of N23.5 million was supposed to be paid by the
bank.
But ITF’s director general, Joseph Ari, in his
response said the transaction was carried out without the agency’s
authorization and that the bank had explained that it was done in error.
He read a letter from Keystone Bank in which
the bank said it had reversed the transaction but that no interest was paid to
ITF.
He said as part of efforts to get the
transaction rectified and the accrued interest paid, ITF reported the matter to
the Central Bank of Nigeria (CBN) and that the apex bank advised an amicable
settlement.
He said, however, that despite meeting with
the officials of the bank on the matter, no solution could be found. Thus, the
committee called on the EFCC to come into the matter with a view to
investigating the transaction.
Meanwhile, one of the shareholders who spoke
to our correspondent said that until the appointment of Ikeazor, the bank was
doing well.
“Phillip Ikeazor does not have the ability to
drive the bank. Since he assumed office in 2013, the bank has been struggling
for survival; the fortune of the bank has continued to dwindle.”
“Recalled earlier last year, Mr. Ikeazor
disclosed plans to sell the bank’s subsidiaries in three West African nations
of Liberia, Sierra Leone and Uganda due to insufficient funds to operate an
international license or recapitalize them.” Why won’t it get to that point
when he cannot present the bank viable for business?”
“This is an institution that buyers were
jostling for as at 2012 but today, reverse is the case.
“He should honourably resign his position for
a more competent hand,” the source noted.
Our findings on some of the bank branches
showed that they were struggling from low patronage and it has closed down some
of them in Lagos. The bank had shut down its Oko-Oba Branch and Ojodu
Branch in Lagos.
Efforts to speak with Mrs. Omobolanle Osotule,
Head of brands and corporate communications of the bank proved futile as her
mobile line was not reachable as at press time.
Keystone Bank is one of the three commercial
banks that were acquired by the Asset Management Corporation of Nigeria (AMCON)
through a ‘bridging’ process. The bank was established from the carcass of the
defunct Bank PHB in August 2011.
source; berth
