TSA: Reps Ask Stanbic IBTC to Produce Approval to Keep $4.9m

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  • TSA: Reps Ask Stanbic IBTC to Produce Approval to Keep $4.9m

An ad hoc committee of the House of Representatives has asked Stanbic IBTC Bank to produce evidence of the presidential approval that allowed it to keep $4.9m outside the Treasury Single Account of the Federal Government.

The committee, which is chaired by a member of the All Progressives Congress from Kano State, Mr. Abubakar Danburam-Nuhu, has also threatened to issue an arrest warrant against the Managing Director of First Bank Limited, Mr. Adesola Adeduntan, for not honouring its invitations.

The committee is investigating the status of the TSA, the compliance by government agencies and the role of Deposit Money Banks that held government funds prior to the introduction of the policy.

By the TSA policy, all government funds are to be kept in a central account domiciled in the Central Bank of Nigeria.

However, at the sitting of the committee in Abuja on Tuesday, the Managing Director, Stanbic IBTC Bank, Mr. Demola Sogunle, told the committee that the lender had presidential approval to keep the Hyprep Account of the Federal Ministry of Environment outside the TSA.

The lawmakers doubted this, but Sogunle assured them that he would tender the presidential approval.

“I will make available all information to this committee. There is no intention to hide anything,” he told the lawmakers.

However, a member of the House, Mr. Adamu Kamale, said, “MD, please don’t try to run around to get us a document that was not there before.

“We want to see the evidence of the approval with dates prior to the commencement of this investigation.”

Stanbic IBTC Bank was given up to Tuesday next week to produce the document.

For First Bank, the committee members said they were concerned over the non-appearance of the managing director.

He was given one week by the committee to appear or risk an arrest warrant being issued against him.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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