The United Bank for Africa Plc has denied that it is holding the sum of US367.4million (Three Hundred and Sixty Seven Million, Four Hundred Thousand United States Dollars Only) alleged to be an undisclosed qualifying funds under the Federal Government’s Treasury Single Account (TSA) policy.
As learnt by this medium, the fund was said to have been kept illegally, by the Nigerian National Petroleum Corporation (NNPC) / Nigeria Liquefied Natural Gas (NLNG).
Speaking in a statement signed by its Group Head, Marketing & Corporate Communications, Bola Atta UBA stated thus: “Our attention has been drawn to the order of the Federal High Court in Lagos directing that seven (7) commercial banks, including UBA Plc, temporarily remit a total of $793,200,000 allegedly hidden in contravention of the Federal Government’s Treasury Single Account policy pending the determination of the suit filed by the Attorney General of the Federation on behalf of the Federal Government.
“We wish to state categorically that UBA has fully remitted all NNPC/NLNG dollar deposits since August 24, 2016. We hereby emphasise that none of such funds are currently in the Bank’s books. Our action was further corroborated by a clearance memo published by CBN on its website on same date (https://www.cbn.gov.ng/Out/2016/CCD/UBAPress%20Statement240816.pdf).
“We would like to thank all our customers, business partners and other stakeholders who have reached out to us on account of this judgement,” the statement read in part.
It would be recalled that Justice Chuka Obiozor ordered the seven banks – Diamond Bank, United Bank for Africa (UBA), FirstBank, Skye Bank, Fidelity Bank, Sterling Bank to remit the various amounts allegedly kept “illegally in their custody” to the designated federal government asset recovery dollar account domiciled with the CBN.
According to the court papers filed by counsel for the Attorney General of the Federation (AGF), Prof Yemi Akinseye-George (SAN), a total of $367.4 million was illegally hidden by three government agencies in UBA, while the sum of $41 million was illegally kept in a National Petroleum Investment Management Services (NAPIMs) fixed deposit account with Skye Bank.
The court papers further stated that $277.9 million was hidden in Diamond Bank; $18.9 million in FirstBank; $24.5 million in Fidelity Bank; and $46.5 million in Sterling Bank