By Kelechi Mgboji
Assistant Business Editor
Barely 12 hours after the Central Bank of Nigeria (CBN) barred nine deposit money banks (DMBs) for allegedly helping NNPC to conceal $2.3 billion from Treasury Single Account, the banks have said that it was a normal loan transaction, and denied concealing the money for the Nigerian National Petroleum Corporation (NNPC).
For the alleged breach of the rules, the apex bank yesterday, banned Diamond, Sterling, Heritage, Skye, Keystone, First Bank, UBA, Fidelity and FCMB from the foreign exchange market.
But when TheNiche contacted Managing Director and Chief Executive Officer of one of the sanctioned banks, he explained that the LNG dividend money was a normal loan transaction between NNPC and the lenders with a schedule to return the money.
“CBN said they are banning us from foreign exchange market, alleging that we are aiding NNPC in concealment of LNG dividend money. There’s no concealment in the transaction.
“It is a normal loan transaction that we have a schedule for returning it. And banks have been returning the money but there’s no foreign exchange to return it. It is not concealed,” the bank boss explained.
At the full implementation of the TSA in 2015, the CBN had warned that banks that fail to comply with the TSA remission plan would be punished.
While unveiling the guidelines for foreign exchange trading in June, the CBN reiterated the need for banks to comply or face suspension from the forex market.