CORPORATE ANNOUNCEMENT: UBA DEBUNK A REPORT OF STILL HOLDING NNPC/NLNG FOUND, IT HAS BEEN REMITTED SINCE AUGUST 24, 2016

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.

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 (http://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.

 Bola Atta

Group Head, Marketing & Corporate Communications

United Bank for Africa Plc

Lagos - Nigeria

                                                                      www.cbn.gov.ng 

                                                           CENTRAL BANK OF NIGERIA
                                                                         Press Release

United Bank for Africa (UBA) re-admitted into FOREX Market Further to the directive of the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) to return all outstanding unremitted 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 Signed: ‘Tokunbo Martins Director, Banking Supervision