‘UBA has remitted all NNPC/NLNG Dollar deposits into TSA’

The United Bank for Africa (UBA) has remitted into the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN) all dollar deposits belonging to the Nigerian national Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas Company (NLNG).

  Reacting to reports linking the financial institution to Banks that yet to remit their fund, UBA in a statement said: “Our attention has been drawn to report of the ban of UBA from the foreign exchange market by the CBN over the non-remittance of NNPC/NLNG dollar deposits”.

 The Bank added: “We wish to state very categorically that UBA has completely remitted all NNPC/NLNG dollar deposits.

“We thank all our numerous customers, business partners and other stakeholders who have reached out to us on account of this report,” said  Mr. Charles Aigbe, Head, Corporate Communications.

  The CBN had  on Tuesday announced the suspension of 9 banks from all foreign exchange transactions until they remitted into the TSA over $2 billion in various NNPC/NLNG accounts in the banks as ordered by President Muhammadu Buhari last year.

  The Banks are:  FirstBank of Nigeria (FBN) ($469m); Diamond Bank Plc ($287m); United Bank for Africa (UBA) ($530m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139m); FCMB ($125m) and Heritage Bank ($85m).