Stanbic IBTC responds to ‘N1.2trn Unclaimed Funds: House Committee Asks Stanbic IBTC, First Bank to Remit N97bn to Govt’

The attention of Stanbic IBTC Bank PLC (the Bank) has been drawn to press reports alleging that a sum of “N83 billion” of what was termed to be “unclaimed funds” had been discovered in the Bank, as part of the hearing by the House of Representatives Ad-Hoc Committee on recovery of “Unclaimed Funds”.

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It is important to stress clearly that the allegations made in the press reports against the Bank are misleading and DO NOT represent the facts. The Bank has provided all information as requested by the House of Representatives’ Ad-Hoc committee and continues to work with the House Committee to provide any additional information that the Committee may require. For the avoidance of doubt, the Bank does not have any further obligations in respect of any alleged “unclaimed funds”.

Stanbic IBTC Bank continues to be transparent and ethical in its business practices, and we remain committed to upholding the highest level of integrity in all our dealings.”