UBA, Fidelity, Sterling Banks deny holding TSA funds, Skye bank admits

Evrard Martin
Juillet 22, 2017

In this regard, the NNPC noted that it would be illegal and uncalled for to pay any agent five per cent as commis- sion for the phantom recovery in line with the government's whistle blowing policy on stolen funds.

The banks are United Bank for Africa; Diamond Bank Plc; Skye Bank Plc; First Bank Limited; Fidelity Bank Plc; Keystone Bank Limited; and Sterling Bank Plc.

According to the statement, the CBN is supervising the remittance of the funds to the TSA account.

According to it, as an entity with fiduciary responsibility to the government and people of Nigeria, it was committed to transparency and accountability in doing its business.

Skye Bank Nigeria Plc has denied concealing funds belonging to the Federal Government under the Treasury Single Account. Moving the ex parte application yesterday, Akinseye-George said it would best serve the interest of justice for Justice Obiozor to order the banks to remit the funds to the Federal Government, to prevent the funds from being moved or dissipated.

Recall that the bank was one of the seven commercial banks ordered by the Federal High Court in Lagos on Thursday to temporarily remit a total of $793.2m allegedly hidden by them in contravention of the Federal Government's TSA policy.

Presiding judge Chuka Obiozor ordered the seven banks to remit the money into the designated CBN asset recovery dollars account.

But, Skye Bank in a statement said: "The management of Skye Bank hereby states that it neither colluded nor unilaterally hid the reported sum or any other funds in its custody".

He said the Corporation had earlier taken steps to inform the Presidency, Office of the Accountant General of the Federation, (AGF) and the Central Bank of Nigeria, (CBN) on the existence of the said accounts prior to the creation of the Federal Government Asset Recovery Account.

The Nigerian National Petroleum Corporation (NNPC) said the money accrued from investments - $174.4 million with Diamond Bank, $40.7 million in Skye Bank and $16.7 million in Keystone Bank - was being remitted to a treasury account under a government policy to curb corruption.

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