Fidelity Bank has categorically denied allegations that it seized $25 million belonging to the Minerals Income Investment Fund (MIIF).
Recent reports claimed that MIIF, an entity operating under the Ministry of Finance, secured an overdraft facility for Goldridge Limited through Fidelity Bank in 2024 but defaulted on repayment, leading to the alleged withholding of funds.
In an official statement, the bank clarified the situation, stating that the transaction in question involved a pre-settlement of a foreign exchange deal, with the expectation that MIIF would meet its obligations within the agreed timeframes.
“MIIF faced delays in settling their portion of the forex transaction. However, they took the necessary steps to resolve the overdue amount and fulfill their commitments under the agreement,” Fidelity Bank explained.
The statement emphasized that the matter was addressed in accordance with the agreed terms and dismissed any suggestions of fund seizure as inaccurate.
SOURCE: http://dew360/net
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