“Dem Sey Na £50,000”- Seun Kuti Criticizes Nigerian Bank Operating Overseas over demands to open an account

• He mentioned that he wanted to open a bank account there after discovering he had £10,000 with him.

• He made the choice to bank with an African/Nigerian institution, but he was astonished to learn that the minimum requirement was £50,000, which is around N106 million.

Nigerian Afrobeat star Seun Kuti expressed his frustration with a Nigerian bank, Guaranty Trust Bank, while in London.

He mentioned that he wanted to open a bank account there after discovering he had £10,000 with him.

He made the choice to bank with an African/Nigerian institution, but he was astonished to learn that the minimum requirement was £50,000, which is around N106 million.

“I go GTB for London. Dem say if I no get £50,000, I no fit open account,” he siad.

The activist was upset about the incident and explained how he walked out of the bank in embarrassment. He criticized the bank for its excessive requirements from Nigerians, especially in light of the country’s economic issues.

Seun noted that his manager and friend were there, and they found it funny that he thought £10,000 would be enough to open a foreign account.

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Read some comments as you scroll…

@DiabloChaze: “Regardless of how funny this looks, it’s absolutely appalling to hear they requesting £50,000 just to open an account? That’s exploitation, not banking. African financial institutions should empower, not extort, their own people.”

@QUEENOFDBLUES1: “If he can not open the account, he should go and warm Eba and chop abeg.”

@naijaconectblog: “Our grandparents..na inside ground they saved their money that time.”

@damola_ade77: “He made a very valid point, the bank was opened mainly for money laundering. Keyword:- mainly.”

@Josef_oti: “Depends on the account tho! Maybe their talking about premium accoun which is the equivalent of platinum account in Nigeria. It’s banking system in the western world not a GTB thing.”