UBA, First Bank Say No Hidden TSA Funds Left in their Books

Posted by African Examiner Banking & Finance, Business News, Featured Contributors/Columnists, Latest Headlines, Uncategorized Saturday, July 22nd, 2017

(AFRICAN EXAMINER) – Nigeria’s two big commercial banks, United Bank for Africa and First Bank have washed their hands clean of the controversial Treasury Single Account (TSA) funds collected on behalf of the government.

In a statement signed by UBA head of Corporate Communications, Bola Atta, the bank explained that it has remitted all the NNPC/NLNG dollar deposits since August 24, 2016.

The statement reads:

“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 (http://www.cbn.gov.ng/Out/2016/CCD/UBAPress%20Statement240816.pdf).

On its own part, First Bank’s statement signed by Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications stated that the Bank “does not hold any funds due NPDC and NNPC that are TSA eligible.

“The Bank has since transferred all funds due to the TSA accounts in compliance with the policy directive.

“FirstBank remains a compliant institution and always abides by all extant regulatory rules and regulations.”