CBN fines First Bank N1.877 billion over TSA

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The Central Bank of Nigeria (CBN) has fine First Bank of Nigeria Limited a subsidiary of FBN Holdings Plc N1.877 billion over the Treasury Single Account (TSA).

In a statement that was sent to the Nigerian Stock Exchange (NSE) FBN Holdings the parent company of the bank confirmed that the fine has since been paid.

The company however, added that the management of First Bank is still engaging in conversations with the CBN on this regulatory decision.

Meanwhile FBN Holdings has assured the investing public that First Bank of Nigeria Limited and the entire FBN Group are responsible corporate citizens and remain committed to values epitomized by strict compliance to the highest standards of ethics and corporate governance.

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