Standard Chartered Bank Nigeria Denies Closure Rumors Amid NNPC Funds Controversy
Standard Chartered Bank Nigeria Limited has denied reports of plans to close its branches in Nigeria. The denial came in response to allegations made in a report by the House of Representatives Ad Hoc committee regarding the assets and liabilities of the Nigerian National Petroleum Company Limited.
The committee claimed that “Standard Chartered Bank is closing all its Nigerian branches,” expressing concerns about the significant funds held by NAPIMS (National Petroleum Investment Management Services) and NNPC (Nigerian National Petroleum Corporation).
In a statement issued by Standard Chartered Bank’s Head of Corporate Affairs, Brand and Marketing, Dayo Aderugbo, the bank labeled the allegations as “completely false.” It reassured the public that it remains fully committed to Nigeria and continues to operate branches in Lagos, Port Harcourt, and Abuja, providing exceptional financial services and solutions to its customers.
Due to the ongoing legislative review involving the Federal Government, NNPC, and other relevant parties, the bank stated that it is unable to disclose further information at this time.
It’s worth noting that the House of Representatives has called for a forensic audit of the NNPCL to assess its assets, liabilities, and market value following the transformation of the Nigerian National Petroleum Corporation into a limited liability company. The committee’s report mentioned the unveiling of assets worth $64 billion by former President Muhammedu Buhari, with a discrepancy of N2 trillion in the subsequent transfer.
While recommending a re-evaluation of the NNPCL’s accounting system, the committee incorrectly stated that Standard Chartered Bank was closing its Nigerian branches where NNPCL funds were held. However, Standard Chartered Bank has clarified that this information is false and reaffirmed its operational presence in Nigeria.