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   Market Date: 26-01-2015   
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FCMB denies unethical practices

Category: Investors NewsBeat

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FCMB denies unethical practices

First City Monument Bank, has said that it upholds all ethical values and practices in the banking sector despite the recent accusation by competitors in an attempt to discredit it.

FCMB was alleged to have kept a secret account for the United Nations Development Programme Multilateral Unit of Ondo State Government.

In a statement issued on Sunday; the bank said, on investigation, the House of Assembly invited the bank which explained its role in the affair with documentary evidence to prove that the chief accountant of the UNDP programme, who is a senior civil servant in the state jointly, signed a document instructing FCMB to place funds in the said account.

The House accepted the bank’s explanation that the account was unauthorised by the accountant general but not a secret account.

“The Chief Accountant clearly declared to the House that the UNDP project was special and he did not report to the State’s Accountant General, hence there is no need to take authorisation from the Accountant General.

The Coordinator opened other accounts with other banks in similar manner with the same mandate in the state.

It said the bank came out for ridicule because some of competitors were afraid of its enviable record in the area of service delivery, which had attracted the state to the bank over the years.

“FCMB has over 200 government accounts in Ondo State including the House of Assembly account operated for over five years,” it said.

FCMB stated further that the Coordinator of the UNDP programme opened accounts with other banks in similar manner with the same mandate.

FCMB also honoured a draft request for N9bn in favour of UNDP when government declared all accounts frozen.


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