Fidelity bank card banner Emerald Energy Institute Camano banner

Our encounters with EFCC —Sterling Bank, Access •Anti-graft agency invites FirstBank Executive Director over $115m sleaze

By News Express on 12/05/2016

Gmail icon

Views: 2,338

Sterling and Access Banks have notified the Nigerian Stock Exchange, NSE, about their operations concerning the ongoing investigations by the Economic and Financial Crimes Commission (EFCC).

Meanwhile, an Executive Director of FirstBank, Mr Dauda Lawal, has been invited by the EFCC to assist with the ongoing investigations into sums allegedly received from the former Minster of Petroleum, Diezani Allison-Madueke.

“As a law abiding citizen, Mr Lawal is cooperating fully with the authorities. FirstBank will issue an official statement on this matter in due course,” according to a release by Folake Ani-Mumuney.

The banks, Tuesday, issued separate statements to the NSE about investigations into their activities by the EFCC. The statements were made available to investors by the NSE through its website.

Sterling Bank in its statement, explained that officials of EFCC visited the bank on Wednesday, May 4, 2016, to investigate a banking relationship of a non-bank financial institution. The bank said it never held the account of the customer during the previous administration to which the matter had been linked either officially or otherwise. The bank also stated that the non-bank financial institution (Asset Management Company) purchased a number of loans on recourse basis from it on commercially acceptable terms.

The statement said the transactions were the concerns raised by the EFCC to Sterling Bank. It said: “Arising from this incident the bank has commissioned a review of the compliance procedures of its non–bank financial institution clients with the aim of strengthening this area of our operations. In the Interim, the bank will not accept any new non-bank financial institution relationships.

“We thank our numerous partners for their support and assure you that the bank remains a compliant institution that continues to conduct its business within the ambit of the law.”

In a similar development, Access Bank said EFCC officials visited the bank on May 6, 2016, to investigate a specific transaction involving a customer of the bank in the normal course of business. The visit, according to the bank, came without any form of earlier notification or invitation to the bank.

The bank said the officials informed the bank that they were investigating some transactions and sought the bank’s cooperation. The officials, according to the bank, met with the Group Managing Director and the bank’s Chief Compliance Officer who provided the needed information and documents.

It said: “Thereafter, the Group Managing Director was requested to accompany them to their office to further their investigation, which he willingly acceded to. Following the resolution of the underlying issues, he was allowed to leave the commission’s office on the same day.

“We have observed the wide-ranging speculations in the media connecting the visits of the commission to various personalities. We would like to state emphatically for the benefit of our stakeholders that the bank has absolutely no link, interaction or relationship whatsoever with any of the personalities stated in the media reports.

“As a bank, we shall continue to operate in line with the highest level of professionalism, consistently seeking best practices, and hereby wish to re-assure our esteemed stakeholders that the bank remains committed to its strategic goals and objectives,” it said.

•Text courtesy of Vanguard.

Source News Express

Posted 12/05/2016 05:42:18 AM





You may also like...
Man City shut up Mourinho with masterful FA...

4 die after drinking Ogogoro

Edo Assembly adopts 60-day business calendar

Insecurity: Security agencies not telling Nigerians truth —...

Fire guts main market in Jos, razes 217...

Lagos Task Force arrests 4 drivers, impounds 17...

15,000 Nigerians battle Shell in London court

Minister blames Civil Service Commission, Head of Civil...

FG under fire for appointing sacked director a...

MASSOB condemns closure of Igbo businesses at Lagos...

Sex scandal destroys legendary comedian/actor Bill Cosby’s image...

Bande’s emergence as UNGA president will give Nigeria...


Latest News Untold story of the rise and fall of Ex-Governor Ambode Bandits detain 40 in Katsina HEDA gives SEC 14 days to reject new MTN board members or face court action Uncertainty over 211 idle oil blocks Okorocha appointed a fake professor as Eastern Palm University VC, Ex-Commissioner alleges Advise Buhari to obey judgment on release of payment details on electricity contracts, SERAP tells Malami Court restrains Rivers APC congresses High expectations as Magashi takes over Defence Ganduje insists on RUGA, receives project report At least 44 bodies found in well Farmers/herders crisis: Businessman builds cattle ranches in Anambra Sunny Nwosu seeks continuity in Ngwa leadership


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (539,886 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (442,672 views) Shameless Genevieve Nnaji exposes breasts in public (388,899 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,420 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,344 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,489 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,487 views) 10 cars more expensive than Jets (238,110 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,249 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,239 views) Lagos plane crash: Journalist releases victims’ names (195,656 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,290 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,443) Business Verdict (80) Columnists (1,108) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (662) Features (809) Global Business Monitor (441) ICT Monitor (63) International (3,946) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (410) News (51,302) Opinion (1,356) Pidgin (17) Politics (11,439) Religion (1,102) Sports (2,166) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera