SIGNATURE BANK, FAAC, JAAC AND IGR: SEPARATING CLAIMS FROM THE PUBLIC RECORD
Public discussion about Abia State’s finances should rest on verifiable records. The documentary record available publicly does not support describing Signature Bank as the bank holding Abia State’s principal FAAC, JAAC or Consolidated IGR accounts.
For FAAC, the KPMG review identifies the active FAAC account examined during the relevant period as being with United Bank for Africa (UBA).
For Consolidated IGR, the Abia State Report of the Accountant-General for the year ended 31 December 2024 lists Access Bank Consolidated IGR, including an account with a year-end balance of over ₦10.1 billion.
For JAAC/Local Government Joint Account, the current information identifies Union Bank as the relevant bank.
The position is therefore clear:
FAAC — UBA
JAAC — Union Bank
Consolidated IGR — Access Bank
These are distinct revenue streams with distinct account purposes. They should not be casually lumped together or represented as being domiciled in one bank.
The central issue is therefore not speculation about Signature Bank. The proper question is: Which account holds which revenue stream, for what purpose, and according to what official record?
The available records identify UBA for FAAC, Union Bank for JAAC and Access Bank for Consolidated IGR.
Anyone alleging that Abia State’s principal FAAC, JAAC or Consolidated IGR funds are warehoused in Signature Bank should produce the specific account details, bank records, audited statements or official financial documents establishing that claim.
Public accountability must be based on evidence, not insinuation.
Government should continue to publish its financial records openly so that citizens can independently interrogate every claim.
The real issue is transparency. The records should speak for themselves.
FAAC: UBA.
JAAC: UNION BANK.
IGR: ACCESS BANK.
FACTS FIRST. DOCUMENTS BEFORE CLAIMS.
