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Keystone: We’ve always disclosed details of FG funds in our custody

Keystone: We’ve always disclosed details of FG funds in our custody
July 22
17:21 2017

The management of Keystone Bank Limited has denied hiding any funds meant for federal government’s treasury single account (TSA).

The bank said this while reacting to the court directive asking seven commercial banks to remit $793.2 million allegedly withheld.

In a statement issued on Saturday, the bank said it has always disclosed details of “all federal government funds” in their custody to relevant government agencies.

The statement read thus: “In response to the news making the rounds that the federal high court sitting in Lagos had made an order directing Keystone Bank Limited to remit the sum of $17m allegedly illegally kept in its custody to the TSA, we wish to state that:


“Keystone Bank has never illegally hidden any amount of money belonging to the federal government or any of its agencies.

“Details of all federal government funds in custody of Keystone Bank had always been fully disclosed to all relevant federal government agencies and at no time did Keystone Bank collude or conspire with any official of the federal government to disobey the federal government directives on the TSA.”

The bank added that it is taking “appropriate steps” to respond to the issues raised in the court order.


A federal high court in Lagos had granted an interim order for the remittance of a total of $793,200,000 allegedly hidden by the banks in violation of the constitution and the TSA policy.

The listed banks are Skye Bank Plc, First Bank Plc, Keystone Bank Plc, Diamond Bank Plc, Sterling Bank Plc, Fidelity Bank Plc and United Bank of Africa Plc.

They have all since denied the allegation.



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