Fidelity Bank has strongly dismissed allegations of seizing US$25 million from the Minerals Income Investment Fund (MIIF).
Earlier reports suggested that in 2024, MIIF, operating under the Ministry of Finance, underwrote an overdraft facility for Goldridge Limited through Fidelity Bank.
However, MIIF allegedly defaulted on repayment, leading to the reported seizure of funds.
In a statement, the bank clarified that it had facilitated a pre-settlement of a forex transaction, expecting MIIF to fulfill its obligations within the agreed timelines.
“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 added.
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