UBA bank failed to remit NNPC and NLNG deposits

The Central Bank of Nigeria had on Tuesday recorded UBA as one of the nine Banks that had neglected to transmit the stores of the NNPC and NLNG taking into account the Treasury Single Account. The United Bank for Africa has denied that it is one of the nine banks that neglected to transmit the dollar stores of the Nigerian National Petroleum Corporation and the Nigerian Liquified Natural Gas Limited.The CBN said it was suspending the banks from further support in its outside trade market.

Different Banks recorded as having submitted the infraction were First Bank of Nigeria $469m, Diamond Bank Plc ($287m), Sterling Bank Plc ($269m), Sky Bank Plc ($221m), Fidelity Bank ($209m), Keystone Bank ($139), First City Monument Bank (FCMB) $125m and Heritage Bank ($85m).But UBA denied its inclusion in the infraction in an announcement by its representative, Charles Aigbe.

It said: "Our consideration has been attracted to report of the restriction of UBA from the remote trade market by the CBN over the non-settlement of NNPC/NLNG dollar deposits."We wish to state completely that UBA has totally transmitted all NNPC/NLNG dollar deposits."We thank all our various clients, business accomplices and different partners who have connected with us because of this report."

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