FCMB absolves self of blame over TSA funds

The management of the First City Monument Bank FCMB, has absolved the bank of any blame on the issue of non-remittance of part of the NNPC funds, which led the Central Bank of Nigeria to place the bank on temporary suspension of FCMB along with eight other commercial banks from the foreign exchange market blaming the incident on the non-availability of foreign exchange which would have bee to be used for the remittance.

While explaining its ordeal in remitting the remaining $125 NNPC’s fund in its care in a statement, the bank the bank said a financial institution with strong corporate governance rules, it has always fully disclosed the outstanding TSA funds in its books and have continued to work assiduously to fulfill its outstanding obligations.

It said the NNPC management had been kept fully in the picture on the funds, but that the non-remittance of the funds was mainly due to the lack of foreign exchange availability due to the prevailing fall in oil prices rather than concealment or willful non-compliance by FCMB. It explained that the situation was a widespread industry issue.

Part of the bank’s statement read: “In conjunction with the other institutions, we are working closely with the Central Bank of Nigeria for an amicable and mutually beneficial resolution of this scenario.

As an institution, our fundamentals remain strong, our franchise is still growing and we remain firmly committed to our professional values”


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