UBA confirms it refunded USD793 million to the Federal Government


United Bank of Africa said it has remitted about USD793 million to the federal government of Nigeria.

The fund under question was the NNPC/NLNG which UBA said it has remitted since last year following the court order from the Federal High Court in Lagos.

The company said “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 USD793,200,000 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”.

“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 (www.cbn.gov.ng/Out/2016/CCD/UBAPress%20Statement240816,pdf).
We would like to thank all our customers, business partners and other stakeholders who have reached out to us on account of this judgement”.

The federal government could not be reached as at the time of writing this report for comment.