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Central Bank re-admits UBA into FX market

August 26, 2016 By Hassan Gbassay Koroma

The Central Bank of Nigeria on Wednesday, 25 August, re-admitted the United Bank for Africa (UBA) into the Forex Market, after the pioneering bank and eight others were suspended from the interbank currency market for failing to remit money owed to the government.

The Central Bank of Nigeria on 24 August suspended nine banks, including First Bank, United Bank for Africa (UBA), Heritage Bank, Keystone Bank, Skye Bank, Diamond Bank, Sterling Bank and Fidelity Bank for what they alleged was the banks’ failure to remit money owed to the government

A press release from the Central Bank of Nigeria stated that all Deposit Money Banks (DMBs) return all outstanding unremitted Nigerian National Petroleum Corporation (NNPC)/Nigeria LNG Limited (NLNG) foreign currency.

However, the CBN has since issued a statement confirming 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 Central Bank of Nigeria.

Confirming the re-admission of the bank, UBA Group Managing Director, Kennedy Uzoka said he was very pleased to inform customers of the bank and the general public that the Central Bank of Nigeria has re-admitted the bank into the Foreign Exchange Market following the remittance of all NNPC/NLNG dollar deposits.

“I thank you all for your abiding confidence in our bank and for the commitment you continue to display. I want to also inform our customers of this development and thank them for their continued goodwill and patronage,” he said.

Also speaking at his Charlotte Street Office in Freetown, Managing Director of UBA Sierra Leone, Ndubuisi Ejiofor said UBA was one of the most reliable banking institutions in Africa and other parts of the world.

He said a mistake somewhere caused the bank to be included among the list of suspended banks, reiterating that it had been rectified by the Central Bank of Nigeria, thus the prompt re-admittance of the bank.

He said they would continue to be law abiding anywhere they operate in the world.

UBA Plc was incorporated on 23 February, 1961 as the first of international bank operating in Nigeria at the time to be registered under Nigerian Law. Today the bank has over 700 branches and cash offices in Nigeria’s major commercial centres, state capitals and Federal Capital Territory, with two offshore branches in New York and Grand Cayman Island.

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