FCMB respond’s to CBN’s sanction over TSA funds

FCMB respond’s to CBN’s sanction over TSA
funds

First City Monument Bank FCMB
has
officially responded to the sanction imposed by the
Central Bank of Nigeria CBN over Treasury
Single Account TSA Funds.

The statement reads:

“Yesterday, the Central Bank of Nigeria
announced a temporary suspension of FCMB along with eight other
commercial banks from access to the foreign exchange market.

This suspension is based on the Treasury Single Account
Directive, which stops banks
from holding funds on behalf of government entities and instead,
effect daily remittances to the CBN. For our bank, this scenario is
based on our non-payment/transfer of the remaining $125mio NNPC
fund with us to TSA.

As a financial institution with strong corporate governance
rules, we have always fully disclosed the outstanding TSA funds in
our books and have continued to work assiduously to fulfill our
outstanding obligations.

The members of the NNPC Management Team have been kept fully in
the picture on the funds. This development is really because of
lack of foreign exchange availability and the prevailing fall in
oil prices rather than concealment or willful non-compliance by
FCMB. It is actually a widespread industry issue.

In conjunction with the other institutions, we are working
closely with the Central Bank of Nigeria for an amicable and
mutually beneficial resolution of this scenario. As an institution,
our fundamentals remain strong, our franchise is still growing and
we remain firmly committed to our professional
valuesâ€.

vivian gist

from Afrikagist4u http://ift.tt/2bkkOvY
via IFTTT