Stanbic IBTC in trouble as Reps threatens arrest of First Bank MD

OrderPaperToday – The House of Representatives has threatened the Managing Director of First Bank PLC, Adesola Adeduntan, with an arrest warrant if he continues to shun the House.

The House is investigating the status of the Treasury Single Account (TSA), the compliance by government agencies and the role of Deposit Money Banks that held government funds prior to the introduction of the policy.

The adhoc committee in charge of this investigation also asked Stanbic IBTC Bank to produce evidence of the presidential approval that allowed it keep $4.9m outside the Treasury Single Account of the Federal Government.

The committee made the resolutions yesterday during its investigative hearing, where members indicated that they were concerned over the Managing Director of First Bank’s failure to show up.

He was given one week by the committee to appear or risk an arrest warrant being issued against him.

The adhoc committee is currently chaired by Nubu Danbaram (APC, Kano).

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