The management of Sterling Bank has rejected suggestions that it failed or neglected to disclose any sums held on behalf of its clients to the Central Bank of Nigeria, CBN, for which it was, alongside some other commercial banks have been suspended from the Interbank foreign exchange market.
In a statement, made available to globalpatriotnews.com, the bank insisted that all “such balances were fully captured in the relevant regulatory returns,” stressing that “in actual fact, the Bank affirms that it went beyond this basic requirement of disclosure and reporting to holding several meetings with the parties involved.”
The bank further pointed out that”While the current situation is a broader sector issue arising from the foreign currency illiquidity in the domestic banking sector, Sterling Bank continues to work with its client and the banking regulator to resolve the situation in the shortest possible time.”
Full text of the statement reads:
We consider it necessary to respond to news reports of the suspension from the interbank FX market of nine commercial banks (Sterling Bank included) as widely reported in various media in the last 24 hours. According to these accounts, the suspension arose from a failure to disclose and remit certain balances held under the Treasury Single Accounts (TSA) on behalf of an agency of the Federal Government of Nigeria. In order to set the records straight, Management wishes to clarify as follows:
The Bank unequivocally rejects the suggestion that it failed or neglected to disclose at any time, any sum held on behalf of its clients to the regulatory authorities as such balances were fully captured in the relevant regulatory returns. In actual fact, the Bank affirms that it went beyond this basic requirement of disclosure and reporting to holding several meetings with the parties involved;
While the current situation is a broader sector issue arising from the foreign currency illiquidity in the domestic banking sector, Sterling Bank continues to work with its client and the banking regulator to resolve the situation in the shortest possible time;
We would like to restate that the Bank at all times reported the balances involved to the Central Bank and at no time concealed or refused to remit the funds as documented in several written correspondences;
Arising from our continuing efforts in this regard, we have reduced the outstanding sum to the current level within a very short period.
As an institution built on the core values of integrity and sound corporate governance, Sterling Bank has always complied with all regulatory and other operating requirements and the TSA regulation is no exception to this proud record.
We take this opportunity to thank all those who have reached out to us with goodwill messages for your understanding and continue to count on your support as we work with the larger banking sector to resolve this matter in the shortest possible time.
