• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Financial Services

Malami never forced us to convert recovered loot at N305 per dollar – Keystone Bank denies reports

Samuel Oyekanmi by Samuel Oyekanmi
November 14, 2021
in Financial Services
BoI in collaboration with Purple Group to redefine entertainment, hospitality

Olaniran Olayinka, Managing Director/CEO of Keystone Bank Limited

Share on FacebookShare on TwitterShare on Linkedin

Keystone Bank Limited has reacted to reports in some sections of the online media about its meeting with the House of Representatives’ Ad Hoc Committee on Assessment and Status of all recovered loots on Federal Government’s $40 million funds, which were in its custody.

The Bank also clarified that at no time did the representatives of the bank disclose to the committee at the sitting that the bank was coerced by the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN, to convert the said fund at N305 per dollar.

According to the statement signed by the bank’s general counsel and company secretary, Dr. Michael Agamah, the bank highlighted that the details of the meeting have been misrepresented in the media, stressing that the sum of money in issue, which came into its possession in the normal and ordinary course of business, was not a “recovered loot” but rather belonged to the Nigerian National Petroleum Corporation (NNPC).

RelatedStories

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025

Read: Paris Club Refund: Governors say Malami working against public interest, colluding with consultants

What the report said

According to Dr. Agamah: “Some sections of the online news media, while reporting what transpired at the sitting of the House of Representatives Ad-hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets, have unfairly misrepresented Keystone Bank Limited’s disclosures to the committee. While we cannot deny the right of the press to freely disseminate information to the public, we believe that such right should be exercised responsibly and in a manner that does not infringe on the corresponding rights of other members of the public.

“We wish to state the following facts for the records:

“The money in issue was not a ‘recovered loot’. The sum involved belonged to NNPC which came into the position of Keystone Bank in the normal and ordinary course of business. The deposit was subject to mutually agreed terms and conditions, which included repayment terms applicable to other deposits of a similar nature.”

Read: FG set to recover £200 million stolen Nigerian funds from the US

The bank’s counsel further disclosed that the exchange rate used at the material time to determine the equivalent of the $40 million was the official rate, and that “the parties to this transaction were not at liberty to have recourse to parallel market rates, which is what the trending histrionic reporting appears to be suggesting.”

“We did not inform the Ad-hoc Committee during our presentation that the Honorable Attorney General of the Federation ‘forced’ us to ‘convert recovered loot at N305 per dollar’. Such an unduly sensational headline, in our opinion, is a disservice to the profession of journalism, and antithetical to the objectivity and accuracy which responsible reporting is known for.

Read: Court orders FG to pay $1.638 billion to Delta State government

“The processes that culminated in our bank repaying in full, NNPC’s deposits with us are well documented, and based on mutual negotiations between our bank and the owner of the funds.

“We reiterate that at no time did we insinuate that the Honorable Attorney General of the Federation acted improperly, forced us to transfer or acted outside the powers of his office.

“Our bank has discharged its obligation to its customer under a regular and validated framework, the same way we honour our obligations to all our customers”, he said.

Tags: Keystone BankNigerian National Petroleum CorporationNNPC
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

Related Posts

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics
Digital Media

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025
Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC
Energy

Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC

April 2, 2025
Petrol price, NNPCL, PMS
Breaking News

Petrol price rises to N970 per litre at filling stations

March 30, 2025
Why fuel subsidy removal cannot wait any longer - energy expert
Business News

Marketers dismiss fuel scarcity fears, urge Nigerians to avoid panic buying 

March 26, 2025
NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 
Energy

NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 

March 24, 2025
Next Post
FITC Awards for Excellence (FAFE) 2021 Launches: A recognition of leading institutions in the financial services sector

FITC Awards for Excellence (FAFE) 2021 Launches: A recognition of leading institutions in the financial services sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • JAMB releases 2025 UTME mop-up results across Nigeria 
  • Nigeria placed 3rd in Africa for highest Air Ticket charges in 2024 – New Report
  • Nigeria Customs warns public against fake July CBT recruitment shortlist, vows actions against fraudsters 

Follow us on social media:

Recent News

2025 UTME: JAMB to investigate mass complaints over low scores and technical issues 

JAMB releases 2025 UTME mop-up results across Nigeria 

July 6, 2025
Airlines, African airlines

Nigeria placed 3rd in Africa for highest Air Ticket charges in 2024 – New Report

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics