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UBA denies violating TSA policy

By News Express on 21/07/2017

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United Bank for Africa Plc, one of the seven banks which were on Thursday ordered by the Federal High Court in Lagos to remit $793.2m, allegedly hidden with them in contravention of the Federal Government’s Treasury Single Account (TSA) policy, has vehemently denied any wrongdoing.

A public announcement signed by Bola Atta, UBA Group Head, Marketing & Corporate Communications, said: “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).

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

It would be recalled that Justice Chuka Obiozor directed the banks to remit to the designated CBN Asset Recovery Dollars Account, the various amounts allegedly kept in their custody illegally.

The judge gave the interim order after listening to an ex-parte application filed by counsel to the Attorney General of the Federation, Professor Yemi Akinseye-George.

While arguing the application, Professor Akinseye-George said it would best serve the interest of justice for the court to order the banks to remit the funds to the Federal Government to prevent the funds from being diverted, misapplied, stolen or misappropriated.

In early August 2015, the Federal Government had directed all Ministries, Departments, and Agencies (MDAs), including to make payments into TSA.

The government had expressed optimism that the directive would promote transparency and facilitate compliance with Sections 80 and 162 of the 1999 Constitution.

Source News Express

Posted 21/07/2017 6:17:12 PM

 

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