The management of Keystone Bank Limited has denied hiding funds meant to be transferred into the Federal Government’s Treasury Single Account (TSA) as widely reported and alleged.
On Thursday, Justice Chuka Obiozor of a Federal High Court in Lagos ordered seven banks, including Keystone Bank, to remit about $793 million to the FG.
It was alleged that Keystone Bank illegally kept $17 million in its custody instead of remitting it to the TSA domiciled with the Central Bank of Nigeria, CBN.
But Keystone Bank, in a statement on Friday, maintained that it never illegally kept any government’s funds as being alleged.
“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 $17 million 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 said in the statement.
“We are taking appropriate steps to respond to the issues raised in the Court Order,” the bank added.
The lender also informed its stakeholders that it would not conduct itself in breach of the laws or policies of the government, including the TSA policy.
