Skye Bank Plc for failing to render appropriate returns on accounts of
some government institutions and agencies.
This is contained in a statement by Skye Bank to the Nigerian Stock
Exchange (NSE).
The bank said that the fine imposed by the apex bank was misdirected
since it did not conceal any information of the accounts from the
central bank.
Skye Bank said that significant portion of the money for which penalty
was applied belonged to the state-owned energy company NNPC Pension
Funds and National Assembly Legislative Aides account balances.
It said that the sum of N40 billion for which the fine was imposed on
it came from NNPC account balances it had received a communication
from the oil giant excepting it from the Treasury Single Account (TSA)
operations.
Skye Bank said it received "a communication from the NNPC forwarding a
letter from the Accountant General of the Federation on the treatment
of NNPC funds.
"By the communication, the bank is advised that an 18 business day
window had been granted by the Vice-President, Yemi Osinbajo, within
which a plan for the orderly withdrawal of the NNPC funds will be
implemented''.
The statement said that Skye Bank had commenced engagement with the
apex bank with a view to bringing the issues to the attention of the
banking sector regulator and seeking a review of the penalty.
It will be recalled that CBN recently sanctioned First Bank N1.87
billion for refusal to remit about N37.55 billion belonging to the
state-owned energy company.
It also fined UBA N2.94 billion for concealing a portion of the energy
corporation's fund totalling N58.84 billion.
UBA was sanctioned for also refusing to remit the deposit of the
energy firm into the TSA as at when directed.
-PMNEWS
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