$793m TSA Funds | Business Post Nigeria

By Modupe Gbadeyanka One of the seven banks accused of hiding about $793.2 million that should have been remitted to the Federal Government through the Treasury Single Account (TSA) account domiciled with the Central Bank of Nigeria (CBN), Skye Bank, has confirmed keeping a part of the money, $41 million. However, the lender emphasised that the money is in its possession with the full knowledge of the apex bank and other government arms and agencies. In a statement issued on Friday by its spokesperson, Mr Nduneche Ezurike, the lender emphatically denied colluding to hide the “reported sum or any other funds in its custody.” “On the contrary, the said funds are held with the full knowledge of the relevant agencies of government, including the Central Bank of Nigeria (CBN), the DSS, the National Assembly and the Inspector General of Police’s Special Investigation Panel, with whom we have engaged extensively over same,” the bank explained. Mr Ezurike, who described the bank as a “law abiding institution,” stressed that Skye Bank would not conduct itself in breach of the laws or policies of the government, including the TSA policy. He promised that the bank would take appropriate legal steps to respond to the court ruling this week in Lagos. It was alleged that Skye Bank held about $41 million belonging to the Nigerian Investments Management Services (NAPIMS). Justice Chuka Obiozor of a Federal High Court in Lagos had on Thursday ordered seven banks to remit about $793 million to the FG. The affected lenders are Skye Bank, United Bank for Africa (UBA), Diamond Bank, First Bank Limited, Fidelity Bank, Keystone Bank and Sterling Bank Plc.

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