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Nigerian multinational financial leading institution, United Bank for Africa (UBA) Plc has said that it has complied fully with the Federal Government’s directives as regards regulation on Treasury Single Account policy.
The bank said it is however concerned that its name was mentioned among seven financial institutions directed by a Federal High Court sitting in Lagos to temporarily remit a total of $793,200,000 to the government purse allegedly in contravention of its TSA directives.
According to a statement made available to nationalwire on Friday, signed by UBA’s Group Head, Marketing & Corporate Communications Bola Atta, she said contrary to the Court’s position, UBA has fully remitted all NNPC/NLNG dollar deposits since August 24, 2016.
The statement read that ‘”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/2016CCDUBAPress%20Statement240816.
“We would like to thank all our customers, business partners and other stakeholders who have reached out to us on account of this judgement”, she added.
