• Saturday, December 09, 2023
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Citi says N99bn debt to govt claim incorrect

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Citibank Nigeria Limited (Citi) has provided extensive evidence to the House of Representatives Ad-Hoc Committee on Unclaimed Funds in Nigeria Commercial Bank and the Infractions by the Central Bank of Nigeria (CBN), BusinessDay has learnt.

“The Committee has since acknowledged that the claim that Citi is owing N99billion to the Federal Government of Nigeria is completely incorrect. Furthermore, the forgery allegations against Citi and any of its employees are false,” according to a statement signed by Lola Oyeka, Country Head of Public Affairs, Nigeria and Ghana, Citibank Nigeria Limited.

“The Committee has directed Citi to provide additional documents which Citi will provide. Citi continues to conduct its business in Nigeria with utmost transparency, the highest level of integrity and is in full compliance with all applicable laws,” the statement further read.

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The House of Representatives ad hoc committee investigating unclaimed funds in commercial banks had said it uncovered N300 billion unclaimed funds in some commercial banks. The committee disclosed this last Wednesday when some banks appeared before it in Abuja.

The committee, chaired by Uyime Idem (PDP, Akwa-Ibom), was mandated to investigate the status of “the suspicious unclaimed funds trapped in commercial banks, including the advance payments for government contracts”. Idem said the committee has so far discovered N300 billion and is upbeat about discovering more than N1.3trillion. In addition, the committee is to investigate an alleged infraction by the Central Bank of Nigeria.