FCMB Denies Involvement In Alleged N11.2bn NPA Fraud | Independent Newspapers Limited
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FCMB Denies Involvement In Alleged N11.2bn NPA Fraud

Nigerian Ports Aurthority
Posted: Aug 22, 2016 at 1:47 pm   /   by   /   comments (0)

FCMB group has denied involvement in cases of concealment or fraudulent treatment of alleged N11.2 billion belonging to the Nigerian Ports Authority (NPA). The group made this clarification in a statement obtained from the Nigerian Stock Exchange (NSE) in Lagos.

The lender noted: “FCMB has not been involved in any cases of concealment or fraudulent treatment of funds belonging to NPA. FCMB regularly receives Naira and US Dollar payments on behalf of NPA, which are remitted to NPA’s TSA accounts with CBN.

“On one occasion, FCMB received Euro payments for NPA. FCMB has made requests from NPA for a Euro accounts to which to transfer the Euro proceeds, as the bank was only in possession of Naira and US Dollar TSA account details for NPA. We have also informed NPA that upon receipt of the correct account details, the transfer will be made.

This remains our position as we await accounts details”.

The Bank, however, stated: “It is important to reiterate that the said balance has not at anytime been concealed from either the new NPA management or CBN. The bank has not been informed of any investigation relating to these funds or its conduct regarding same.”

FBN Holdings Plc had also denied involvement in the alleged fraud at NPA. The new management of the NPA had said it uncovered fraud totalling N11.23 billion at the agency.

The officials said the Managing Director, Hadiza Bala Usman, and her executive directors had since their assumption of duties on July 18 been poring through the books of the maritime agency.

Of the amount, according to reports, $24.1million (N7.47billion at N310 per dollar) was traced one of the commercial banks. Another six million Euros (N2.09billion at N348 to a dollar) were found concealed in two other banks.


Bamidele Ogunwusi