Off the wire
• Stray elephant kills man in southern Tanzania  • U.S. stocks retreat on soft earnings  • IMF urges further fiscal consolidation for Ghana  • Chicago agricultural commodities close lower on profit-taking, ample supplies  • Animal experiment shows Zika causing birth defects  • Roundup: More climate change financing urged for adaptation projects  • Passenger traffic at Brussels airport fell by about 30 pct after attacks  • Brazil's Supreme Court rejects motion to annul Rousseff impeachment  • Nigeria to stop importation of rice by 2018  • Harmonized rules for students, researchers approved by EP  
You are here: 　 Home

Nigerian banks explain involvement with anti-fraud police

Xinhua, May 12, 2016 Adjust font size:

Two commercial banks in Nigeria have notified the Nigerian Stock Exchange (NSE) about their operations concerning the ongoing investigations by the Economic and Financial Crimes Commission (EFCC).

Sterling Bank and Access Bank on Tuesday issued separate statements to the NSE about investigations into their activities by the EFCC.

These statements have been made available to investor by the NSE through its Website.

Sterling Bank in its statement said officials of EFCC visited the bank on Wednesday May 4, 2016 to investigate a banking relationship of a non-bank financial institution.

The bank said it never held the account of the customer during the previous administration to which the matter had been linked either officially or otherwise.

The bank also stated that the non-bank financial institution (Asset Management Company) purchased a number of loans on recourse basis from it on commercially acceptable terms.

The transactions were the concerns raised by the EFCC to Sterling Bank, the bank added.

In a similar development, Access Bank said the EFCC officials visited the bank on May 6, 2016 to investigate a specific transaction involving a customer of the bank in the normal course of business.

The visit, according to the bank, came without any form of earlier notification or invitation to the bank.

The bank said the officials informed the bank that they were investigating some transactions and sought the bank's cooperation.

The officials, according to the bank, met with the Group Managing Director and the Bank's Chief Compliance Officer who provided the needed information and documents.

"We would like to state emphatically for the benefit of our stakeholders that the bank has absolutely no link, interaction or relationship whatsoever with any of the personalities stated in the media reports," the bank said.

"As a bank, we shall continue to operate in line with the highest level of professionalism, consistently seeking best practices, and hereby wish to re-assure our esteemed stakeholders that the bank remains committed to its strategic goals and objectives," it added. Endit