Keystone Bank denies hiding $137m NNPC funds in accounts without BVN

Keystone Bank Limited has denied having in its custody any illegally hidden money belonging to the Nigerian Government, or any of its agencies.

Senator Dino Melaye representing Kogi West Senatorial district had accused the bank of colluding with the Nigeria National Petroleum Corporation (NNPC) to conceal about $137 million, and that $4 million was illegally withdrawn thereafter.

Melaye who spoke at plenary on Tuesday, alleged that the national oil company is involved a “monumental corruption”, as it registered a company by the name Brass NLG.
He said the company is jointly owned by investors from Italy, Belgium and France, among others, and that contrary to statutory provisions that the account of the company be domiciled in the Central Bank of Nigeria (CBN), NNPC and its partners, instead, opened an account with Keystone bank.

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He further claimed that the said account has no Bank Verification Number (BVN), but added that monies running into millions of dollars have been withdrawn so far.

But Keystone Bank, in a statement by the General Counsel & Company Secretary, Dr. Michael Agamah on Tuesday said, “We wish to state categorically that Keystone Bank Limited has never illegally hidden or withdrawn any amount of money belonging to the Federal Government or any of its agencies.”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 statement also added that “the lender informed its stakeholders that it would not conduct itself in breach of the laws or policies of the government, including the TSA policy and had since been engaging with relevant agencies to remit all funds in the Bank’s custody”.

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