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Home Companies Company News

Fidelity and Sterling Banks deny involvement in $793 million unremitted TSA funds

Onome Ohwovoriole by Onome Ohwovoriole
July 21, 2017
in Company News
CORPORATE ACTION: Fidelity Bank Plc Appointments Independent Director
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Fidelity bank and Sterling bank, 2 of the 7 banks facing charges over $793 million unremitted TSA funds have issued statements concerning the matter. Reports released yesterday  reveals that 7 banks were currently facing charges before a Federal High Court for allegedly withholding Treasury Single Account (TSA) funds. The banks mentioned in the reports were Fidelity bank, Sterling Bank, Diamond Bank, Keystone Bank, UBA, First Bank and Skye Bank.

Fidelity bank in a statement by its head of corporate affairs Charles Aigbe said the bank had no role in the affair. The allegations according to him, were coming as a surprise to the bank Sterling Bank through its Chief Marketing Officer, Brands and Communications Group, Henry Bassey , said it was not in possession of any TSA funds belonging to NAPIMS or the Nigerian Petroleum Development Corporation (NPDC). The bank was also reaching out to the Office of the Attorney General of the Federation (OAGF) demanding a retraction of the claim.

The response by the two banks is rather belated as they would have had ample opportunity to do when court summons were sent to their respective offices. Before filing the case, the OAGF and the police would have carried out investigations involving officials of the bank, and perhaps even sourced account details from the banks in question. Why wait, till when news had broken to the press before issuing a rebuttal? Since one of the banks is denying existence of such funds, then who owns the funds?

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Tags: Fidelity BankNews ReviewSterling Bank PlcTSA
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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