October 18, 2018

TSA: No Hidden Funds In Keystone Bank -Management

By on July 22, 2017 0 16 Views

Keystone Bank Limited has denied concealing funds meant to be transferred into the Federal Government’s Treasury Single Account.

The Federal High Court in Lagos had on Thursday ordered seven commercial banks to temporarily remit a total of $793.2m allegedly hidden by them in contravention of the Federal Government’s TSA policy.

But Keystone Bank, in a statement on Friday said, “In response to the news making the rounds that the Federal High Court sitting in Lagos had made an order directing Keystone Bank Limited to remit the sum of $17m allegedly illegally kept in its custody to the TSA, we wish to state that Keystone Bank has never illegally hidden any amount of money belonging to the Federal Government or any of its agencies.

“Details of all Federal Government funds in custody of Keystone Bank had always been fully disclosed to all relevant Federal Government agencies and at no time did Keystone Bank collude or ‎conspire with any official of the Federal Government to disobey the Federal Government directives on the TSA.

The lender informed its stakeholders that it would not conduct itself in breach of the laws or policies of the government, including the TSA policy.

“We are taking appropriate steps to respond to the issues raised in the Court Order. The bank added.

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