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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.
The Bank also confirmed that discussions are ongoing between the Ondo State Government and the Bank to resolve the situation.
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