Fidelity Bank Denies Seizing US$25 Million From MIIF

Fidelity Bank Denies Seizing US$25 Million From MIIF

Fidelity Bank has denied seizing US$25 million from the Minerals Income and Investment Fund (MIIF).

According to the bank, the transaction in question pertains to a foreign exchange pre-settlement agreement.

Under the agreement, Fidelity Bank advanced funds to MIIF in Ghana cedis, with the understanding that MIIF would settle the equivalent in foreign exchange within a stipulated time.

A statement issued by the Fidelity Bank on Thursday(23 January), said although MIIF did not meet the agreed timelines, it fully settled the remaining amount in December 2024.

Fidelity Bank says it remains committed to its partnerships and the economic initiatives aimed at easing foreign exchange demands.

Below is the full statement:

Fidelity Bank Denies Seizing US$25 Million From MIIF
Image: Fidelity
Source: UGC

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Source: YEN.com.gh

Authors:
Augustine Fenuku avatar

Augustine Fenuku Augustine Fenuku has over 5 years of experience in SMM and journalism and serves as the Entertainment Assistant at YEN. His academic qualifications include a Bachelor of Arts in Political Science from the University of Ghana, Legon. Augustine Fenuku has contributed his expertise to many brands. Email: augustine.fenuku@yen.com.gh