The management of Stanbic IBTC Bank Plc has reacted to reports that it has N83 billion in unclaimed funds in its possession, describing it as misleading and does not represent the facts.
The House of Representatives is looking into claims that about N1.2 trillion in unclaimed funds are in some commercial banks in the country instead of being in the coffers of the federal government, especially at a time the nation was dealing with low revenue to carry out its responsibilities.
In the report, it was alleged that the lower chamber of the National Assembly asked Stanbic IBTC Bank and First Bank of Nigeria Limited to remit the sum of N97 billion to the Nigerian government.
But in a statement, Stanbic IBTC Bank said it provided all information as requested by the House of Representatives ad-hoc committee and will continue to work with the team to provide any additional information it may require
“The attention of Stanbic IBTC Bank Plc has been drawn to press reports alleging that a sum of N83 billion of what was termed to be unclaimed funds had been discovered in the bank, as part of the hearing by the House of Representatives Ad-Hoc Committee on recovery of Unclaimed Funds.
“It is important to stress clearly that the allegations made in the press reports against the bank are misleading and DO NOT represent the facts.
“The bank has provided all information as requested by the House of Representatives ad-hoc committee and continues to work with the House Committee to provide any additional information that the committee may require.
“For the avoidance of doubt, the Bank does not have any further obligations in respect of any alleged unclaimed funds.
“Stanbic IBTC Bank continues to be transparent and ethical in its business practices, and we remain committed to upholding the highest level of integrity in all our dealings,” the statement said.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
