Standard Chartered Bank Refutes Closure Reports Involving Nigerian Branches

Standard Chartered Bank Nigeria Limited has debunked recent reports regarding the bank's closure of its branches in Nigeria.

The bank revealed this in a statement as a response to an allegation contained in the House of Representatives Ad-Hoc committee report on the assets and liabilities of the Nigerian National Petroleum Company Limited.

The House Ad-Hoc committee recently issued a statement saying: “Standard Chartered Bank is closing all its Nigerian branches and the nation has so much to worry about, considering the huge funds warehoused therein in the names of NAPIMS (National Petroleum Investment Management Services ) and NNPC.”

However, in a swift reaction to this misinformation, the bank, in a statement issued by the Head, Corporate Affairs, Brand and Marketing, Standard Chartered Bank, Dayo Aderugbo, condemned the media-published allegations as “completely false.”

“Standard Chartered Bank Nigeria Limited is fully committed to Nigeria and remains operational with branches in Lagos, Port Harcourt and Abuja.

"We remain fully committed to providing the best-in-class financial services and solutions to all our customers

“As this is a matter under legislative review between the Federal Government, the NNPC and other relevant parties, you will appreciate that we are unable to provide any additional information at this time.”

A popular media platform had recently reported that the House of Representatives called for a forensic audit of the NNPCL to determine its assets and liabilities as well as its current market value. 

The House stated that the audit was necessary due to the metamorphosis of the Nigerian National Petroleum Corporation into a limited liability company.

Its Ad Hoc committee on NNPCL’s assets and liabilities in its report which was presented to the legislature on Tuesday, claimed that its findings showed that asset worth $64bn (about N28tn) was unveiled by former President Muhammadu Buhari but during the transfer, only $58.8bn (N26tn at the official rate of N450 to $1) was transferred, leaving a balance of N2tn unaccounted for.

It then recommended that NNPCL should re-assess its accounting system, and stated that Standard Chartered Bank was closing its branches in Nigeria, which had NNPCL funds.