$2billion NNPC Money: CBN Lifts Ban On UBA As 8 Other Banks Remain Barred

United Bank for Africa (UBA) has been omitted from the list of nine Nigerian Banks barred from the Foreign exchange market for allegedly hiding over $2 billion belonging to Nigerian National Petroleun Corporation (NNPC) from the Treasury Single Account (TSA).

The development was conveyed by Tokunbo Martins, director, banking supervision of Central Bank of Nigeria (CBN) on Wednesday.

He said: “Further to the directive of the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) to return all outstanding unremitted NNPC/NLNG foreign currency, this is to confirm that the United Bank for Africa (UBA) Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN.

“Accordingly, the United Bank for Africa (UBA) Plc has been re-admitted into the Foreign Exchange Market effective Thursday, August 25, 2016.”