Monday, May 27, 2019 10:20AM / NSE
Unity Bank Plc (“Unity Bank or the Bank”) wishes to bring to the notice of The Nigerian Stock Exchange (The Exchange), the general public especially its esteemed shareholders and stakeholders that the Bank hereby refutes publications in the media against it by the Special Presidential Investigation Panel for Recovery of Public Property (SPIPRPP).
The Panel quoted Unity Bank to have owed some Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria to the tune of N7bn. We want to categorically state that the allegation by the Panel is false and unfounded.
Unity Bank hereby clarifies that in September 2018, a team from the SPIPRPP visited the Bank as part of “special” investigation into the banking transactions of the government between 2009 to 2018. This culminated in a total of three (3) meetings held with the Panel on January 24, 2019, on January 31, 2019 and February 6, 2019 within the premises of the Federal Ministry of Justice, Abuja.
At the meetings, the Panel requested the Bank to provide certain information and solely relied on the information provided for the “special” investigation. Throughout the review, the Panel refused to invite the MDAs to any of the meetings to corroborate the Bank’s records neither was any adhoc investigative process initiated to validate the SPIPRPP findings. Nonetheless, the Bank cooperated fully with the Panel.
The Panel in an earlier letter requested the Bank to accept culpability and pay off a certain sum deemed outstanding which the Bank objected and insisted on completing the reconciliation exercise on the basis that the claims presented against the Bank were unfounded. Instead, the Panel unilaterally halted the reconciliation exercise by refusing to admit further documentary evidence from the Bank establishing that there were no balances kept in its books for the MDAs.
The Bank’s reconciliation team were made to sign a register of attendance at every reconciliation meeting, and at no time did the team admit to any liability because the process was still on-going and inconclusive.
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Graph 1: Unity Bank Plc – One Year Share Price Movement
Table: Unaudited Q1 2019 Results