TSA: UBA faults inclusion, says it has remitted funds since 2016

United Bank for Africa (UBA) Plc faulted its inclusion by the Federal High Court in Lagos, in the list of seven banks keeping a total of $793,200,000 in contravention of the Federal Government’s Treasury Single Account (TSA) policy.

The bank in a statement signed by its Group Head, Marketing & Corporate Communications, Bola Atta, said the bank had remitted the Nigeria National Petroleum Corporation (NNPC)/ Nigeria Liquefied Natural Gas (NLNG) cash to the TSA account since August last year.

UBA denied currently keeping such fund, adding that the Central Bank of Nigeria (CBN) had cleared it of any wrongdoing after it remitted the fund.

According to corporate statement from the lender in Lagos, which reads 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.

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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”

A statement signed by then CBN Director, Banking Supervision, ‘Tokunbo Martins, said: Further to the directive of the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) to return all outstanding un-remitted NNPC/NLNG foreign currency, this is to confirm that the United Bank for Africa (UBA) Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN”.

“Accordingly, the United Bank for Africa (UBA) Plc has been readmitted into the Foreign Exchange Market effective Thursday, August 25, 2016,” Martins said.