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No N19bn fixed deposit in Sterling Bank — Kogi govt

He said the state government never gave any instruction to Sterling Bank Plc

The Kogi State Government has denied having N19.3bn or any other sum as fixed deposit in Sterling Bank Plc.

The government was reacting to reports quoting the Economic and Financial Crimes Commission as alleging that the N20bn loan sought in 2019 to pay workers’ salaries was in a fixed deposit account.

At a press conference in Lokoja Thursday, the state’s Commissioner for Information, Kingsley Fanwo, said: “For the records, the Kogi State Government vehemently denies having the sum of N19, 333,333,333.36 or any other sum in a fixed deposit account with Sterling Bank Plc as alleged.

He said the state government never gave any instruction to Sterling Bank Plc “and the said bank also did not fix on its behalf, any bailout fund or any other funds.”

He said as of July 23, 2019 when the state government utilized the monies for the payment of salaries and allowances to its civil servants and up to August 31, 2021 when the purported court order was procured, it had approximately N46, 000,000 cumulatively in the salary and bailout accounts it operated with Sterling Bank Plc.”