UBA clears air on all NNPC/NLNG dollar deposits

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SAT, JULY 22 2017-The Central Bank of Nigeria, CBN, has confirmed that the United Bank for Africa (UBA) Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA), affirming UBA’s position that it is not in breach.

‘Tokunbo Martins, the CBN director of banking supervision disclosed this while affirming UBA’s re-admission into the Foreign Exchange Market effective Thursday, August 25, 2016.

The clarification came amidst doubts cast following 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.

UBA in a statement made available to theG&BJournal dismissed the court order as unfounded and said it has fully remitted all NNPC/NLNG dollar deposits.

It said; “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).”

“We would like to thank all our customers, business partners and other stakeholders who have reached out to us on account of this judgement.”

DCSL 90X780

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