FCMB Clarifies Allegation of Involvement in a Fraud at NPA Involving 3 Banks

Proshare

Thursday, August 18, 2016 5:52pm /NSE

Following various stories in the online media about the alleged discovery of frauds at Nigerian Ports Authority involving 3 banks including First City Monument Bank (“FCMB”, or the “Bank”), the Management of the Bank would like to make the following clarifications.

FCMB has not been involved in any case of concealment or fraudulent treatment of funds belonging to the NPA.

FCMB regularly receives Naira and US Dollar payments on behalf of NPA which are remitted to the NPA’s TSA accounts with CBN. On one occasion, FCMB received Euro payments for NPA.

FCMB has made requests from NPA for a Euro account to which to transfer the Euro proceeds, as the bank was only in possession of Naira and US Dollar TSA account details for NPA.

We have also informed NPA that upon receipt of the correct account details, the transfer will be made. This remains our position as we wait the account details.

It is important to reiterate that the said balance has not at any time been concealed from either the NPA management, or the CBN. The bank has not been informed of any investigation relating to these funds or its conduct regarding same. 

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