According to a statement released
by the Bank as at press time, the Ondo State Government guaranteed a facility
to a related party in April 2008 and the Bank only exercised its rights under
the terms of the agreement by setting off outstanding sums against the State
Government funds with the Bank.
The Bank further reiterated that
it was not holding on to any civil servants remunerations and has acted in
conformity with the highest corporate governance standards in a professional
and transparent manner.
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