Equity Bank denies illegally benefiting from oil revenues

JUBA — Equity Bank in South Sudan has issued a statement denying that it had illegally benefited from oil revenues after a report by the National Audit Chamber alleged that the bank was allocated $4 million for unknown reasons.

The report released last week and presented to the council of state says some government and private institutions including the Equity Bank, as well as the office of the president were given a hug amount of money from oil proceeds means for oil-producing states.

In a statement below, the Equity Bank said it has not benefited from the money as reported.

“Over the last few days, Equity Bank has received several queries from the members of the public regarding the Audit Report by National Audit Chambers that showed the bank received USD 4 Million from transfers of 2% and 3% of net oil revenue meant for the producing states and communities.

“We wish to clarify and assure all our stakeholders that the bank is not and has never been a beneficiary of oil proceeds or received any allocation from oil producing states or communities and we are not mandated by law to benefit from such proceeds.

“We wish to reassure our stakeholders that Equity Bank is a regulated entity that respects and complies with all laws and applicable regulatory guidelines and is also committed to observe the highest standards of good corporate governance.

“Through our mission, we are committed to offering integrated financial services that socially and economically empower consumers, businesses and communities.

“We commenced our operations in South Sudan on 19th June, 2009 after issuance of banking licence by the Bank of South Sudan (BSS).

“Over the years, the bank has grown to be among the leading banks in South Sudan by customer base and delivery channels including agents and branch network.

“Equity Bank (South Sudan) Limited (EBSS) is a wholly owned subsidiary of Equity Group Holdings Plc.

”As a bank, we remain committed in our unwavering support to the government in its effort to uphold the integrity of the financial system in order to build a strong, stable and secure financial system in South Sudan.”