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TSA: No Government Funds Hidden in our Custody—Keystone Bank

By Dipo Olowookere

Keystone Bank Limited has denied having in its custody any illegally hidden money belonging to the Federal Government of Nigeria or any of its agencies.

The lender made this clarification following an allegation made against the bank by a controversial lawmaker from Kogi State.

Senator Dino Melaye, representing Kogi West Senatorial district at the National Assembly, had accused Keystone Bank of colluding with the Nigeria National Petroleum Corporation (NNPC) to conceal about $137 million and thereafter illegally withdrew $4 million.

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But Keystone Bank, in a statement issued on Tuesday by its General Counsel & Company Secretary, Dr Michael Agamah, denied the allegation.

The bank’s scribe said the every funds belonging to the government have always been fully disclosed and that the lender, at no time, conspired to dupe government as being alleged.

He said Keystone Bank has and will always carry out its functions as a respected and reputation organisation, which has contributed immensely to the growth of the nation through its banking services.

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“We wish to state categorically that Keystone Bank Limited has never illegally hidden or withdrawn any amount of money belonging to the Federal Government or any of its agencies.

“Details of all Federal Government funds in custody of Keystone Bank had always been fully disclosed to all relevant Federal Government agencies and at no time did Keystone Bank collude or ‎conspire with any official of the Federal Government to disobey the Federal Government directives on the TSA,” Mr Agamah said in the statement.

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He said further that “the lender informed its stakeholders that it would not conduct itself in breach of the laws or policies of the government, including the TSA policy and had since been engaging with relevant agencies to remit all funds in the bank’s custody.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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