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Stanbic IBTC responds to ‘N1.2trn Unclaimed Funds

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Stanbic IBTC Holdings

Stanbic IBTC Bank Plc has reacted to news making rounds in which it was alleged that the House of Representatives (HoR) Ad-Hoc Committee on recovery of “Unclaimed Funds”, asked ‘Stanbic IBTC, First Bank to Remit N97bn to Govt’ over ‘N1.2trn Unclaimed Funds. 

In a statement on Friday, the Bank said its attention was drawn to the press reports alleging that a sum of “N83 billion” of what was termed to be “unclaimed funds” had been discovered in the Bank, as part of the hearing by the House of Representatives Ad-Hoc Committee on recovery of “Unclaimed Funds”.

Stanbic IBTC said the reports do not reflect the facts.

“It is important to stress clearly that the allegations made in the press reports against the Bank are misleading and DO NOT represent the facts.

“The Bank has provided all information as requested by the House of Representatives’ Ad-Hoc committee and continues to work with the House Committee to provide any additional information that the Committee may require. For the avoidance of doubt, the Bank does not have any further obligations in respect of any alleged “unclaimed funds”’.

Stanbic IBTC Bank said it will continue to be transparent and ethical in its business practices, “and we remain committed to upholding the highest level of integrity in all our dealings.”

Background:

The House of Representatives Ad Hoc Committee on the recovery of N1.2 trillion unclaimed funds from banks, Ministries, Departments and Agencies (MDAs) has discovered another N83 billion with Stanbic IBTC and another N14 billion with First Bank of Nigeria Limited.

During the continued hearing of the committee on Wednesday, it was revealed that over 2 million operational bank accounts with First Bank had no Bank Verification Number (BVN).

The committee while expressing disappointment over the inability of the bank to abide by the laid down rules for financial transactions, insisted that the bank should take immediate steps to refund the money in question to the government coffers.

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It was revealed that N3.2 billion of the total sum Stanbic IBTC was owing the government were in accounts without BVN.

Responding, the bank’s Executive Director, Risk Management, Kola Lawal explained that he was hearing of the figure for the first time despite making submissions earlier to the committee.

Lawal pleaded for more time from the consultants to the committee before they would take any decision regarding the matter.

But the lawmakers insisted that the committee was looking for government monies in the hands of both individuals and corporate entities to augment the government to fund the yearly budget and reduce external borrowings.

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