Sterling Bank has dismissed reports in certain online publications alleging that the Federal High Court sitting in Lagos on Thursday 20th July 2017 mandated Sterling Bank Plc to remit the sum of US$46.5m (Forty Six, Million, Five Hundred Thousand United States Dollars Only) to a designated Federal Government Asset Recovery Account with the Central Bank of Nigeria (CBN).
According to a statement by the bank on Thursday, the sum in question supposedly represented undisclosed qualifying funds under the Federal Government’s Treasury Single Account (TSA) policy illegally kept by the National Petroleum Investment Management Services (NAPIMS) and Nigerian Petroleum Development Company (NPDC) both subsidiaries of the Nigerian National Petroleum Corporation (NNPC).
“We wish to state unequivocally that Sterling Bank does not hold any sum in any currency as a deposit from either of these entities.
We have therefore written formally to the Office of the Accountant General of the Federation (AGF) demanding a clarification of this claim and a correction in the interest of the general public”, the bank confirmed.