Fidelity Bank refutes reports of seizing US$25m from MIIF

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Fidelity Bank has refuted allegation of seizing funds amounting to US$25 million from the Minerals Income Investment Fund (MIIF).

A statement issued by the bank on its social media page explained that “the bank facilitated a pre-settlement of a forex transaction expecting the MIIF to fulfill its obligations within the agreed timelines".

“However, MIIF experienced delays in settling their portion of the transaction in forex. Subsequently, MIIF took the necessary measures to address the overdue amount and fulfill their commitments under the agreement”, the statement said.

Background

Earlier reports suggested that in 2024, the MIIF operating under the Ministry of Finance, underwrote an overdraft facility for a company, Goldridge Limited, through Fidelity Bank.

However, the company defaulted on repayment, leading to the seizure of the $25 million belonging to MIIF in November 2024.

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