Finance Minister, Mrs. Kemi Adeosun has insisted that some banks are still sitting on funds which they ought to have remitted to the Treasury Single Account (TSA).
Recall that a Federal High Court in Lagos in July had ordered seven banks to remit a total of $793,200,000 (about N249,659,700,000.00), allegedly hidden with them in breach of the Treasury Single Account (TSA) policy, to the Federal Government.
While United Bank of Africa (UBA), First Bank Plc, Keystone Bank Plc, Diamond Bank Plc, Sterling Bank Plc and Fidelity Bank Plc denied having such funds with them, only Skye Bank admitted to holding funds belonging to the Nigerian National Petroleum Corporation (NNPC).
Adeosun however insisted that the some banks are still keeping the funds despite their denials. “We gave them a window, some returned some money but we are going out to do some verification because we suspect that some of our money is still out there but the compliance has been good,” she said.
Mrs. Adeosun said: “As far as I know, all the agencies are on the TSA; where there is work going on is that we have had information that some banks renamed accounts just before TSA, in other words, some banks are still sitting on our funds.
However, some of these banks have disputed this allegation. United Bank of Africa (UBA), First Bank Plc, Keystone Bank Plc, Diamond Bank Plc, Sterling Bank Plc and Fidelity Bank Plc all issued statements denying the allegation.
In a statement, Keystone Bank also said: “In response to the news making the rounds that the Federal High Court sitting in Lagos had made an order directing Keystone Bank Limited to remit the sum of $17 million allegedly illegally kept in its custody to the TSA, we wish to state that Keystone Bank has never illegally hidden any amount of money belonging to the Federal Government or any of its agencies.
UBA, Fidelity Bank and Sterling Bank also denied having any money in their possession, challenging the federal government to provide proofs.