In a statement sent to SundiataPost, the Economic and Financial Crimes Commission (EFCC) visited Sterling Bank Plc on Wednesday 4th May, 2016 requesting to see a mid-level officer of the Bank unfortunately the officer was not immediately available, a situation that led to the agency questioning some senior management staff including the CEO of the Bank.
“At the time, the nature of the EFCC investigation was unclear. Nonetheless, the Bank issued a formal notice to the Nigeria Stock Exchange and briefed the relevant regulators on this development. It has now become clear that the investigation is related to the banking relationship of a non-bank financial institution that is a client of Sterling Bank Plc. We affirm for the public records that the Bank does not hold the account of the public officer from the previous administration to which this matter has been linked either officially or otherwise,” the statement read.
It continued “The non-bank financial institution (Asset Management Company) in question purchased a number of loans on a recourse basis from Sterling Bank Plc on commercially acceptable terms and this is the link of the concern raised by the EFCC to Sterling Bank Plc. We thank our numerous partners for their support and assure you that the bank remains a compliant institution that continues to conduct its business within the ambit of the law.”
It will be recalled that the EFCC had last week quizzed and later released Mr. Yemi Adeola, CEO, Sterling Bank following allegations around some millions of dollars illicitly acquired from political slush funds during the administration of President Goodluck Jonathan.
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