Sterling, Fidelity deny having NPDC, NAPIMS funds, petition AGF

Odunewu Segun

Sterling Bank has denied having any sum in any currency as deposit from the Nigerian Petroleum Development Corporation (NPDC) and the National Petroleum Investment Management Services (NAPIMS).

Recall that a Federal High Court in Lagos on Thursday, July 20 ordered seven commercial banks in the country to temporarily remit a total of $793, 200, 000 allegedly hidden with them in contravention of the Federal Government’s Treasury Single Account policy.

According to court papers filed by counsel for the Attorney General of the Federation, Prof. Yemi Akinseye-George (SAN), a total of $367.4m was illegally hidden by three government agencies in UBA, while a sum of $41m was illegally kept in a NAPIMS fixed deposit account with Skye Bank.

The court papers stated that $277.9m was hidden in Diamond Bank; $18.9m in First Bank; $24.5m in Fidelity Bank; $17m in Keystone Bank; and $46.5m in Sterling Bank.

However, in swift response later this afternoon, July 20, Sterling Bank in a statement signed by its Chief Marketing Officer, Henry Bassey denied the allegations.

In the statement made available to National Daily, Sterling Bank stated that its

attention has been drawn to reports in certain online publications of an order by the Federal High Court sitting in Lagos on Thursday 20th July 2017 mandating Sterling Bank Plc to remit the sum of US$46.5m (Forty Six, Million, Five Hundred Thousand United States Dollars Only) to a designated Federal Government Asset Recovery Account with the Central Bank of Nigeria.

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“We wish to state unequivocally that Sterling Bank does not hold any sum in any currency as a deposit from either of these entities. We have therefore written formally to the Office of the Accountant General of the Federation (AGF) demanding a clarification of this claim and a correction in the interest of the general public.”

In the statement, Sterling Bank stated that at the commencement of the TSA policy, all TSA related accounts held by the bank were fully disclosed to the authorities. “We do not have any TSA related account with a balance of $24.5m in Fidelity Bank which has not been remitted to the authorities.”

“This matter is coming to us as a surprise. We are therefore reaching out to the Office of the Attorney-General of the Federation to ascertain which account or parastatal they are referring to with a view to carrying out a detailed reconciliation.”

Another bank mentioned in the case, Fidelity Bank also denied having $24.5m in contravention of the Federal Government’s Treasury Single Account (TSA) policy.

“We do not have any TSA related account with a balance of $24.5m in Fidelity Bank which has not been remitted to the authorities,” said in statement.