First Bank denies concealing NPA N11.23bn

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The Management of First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc has denied allegation of concealing N11.23 billion Nigerian Ports Authority (NPA) funds.

The authority of NP last week said it uncovered fraud totaling N11.23 billion at the agency lodged in three deposit money banks said to include First Bank of Nigeria Limited, Heritage Bank and First City Monument Bank (FCMB).

First Bank of Nigeria in a statement sent to the Nigerian Stock Exchange (NSE) said, “In view of the media story making the rounds on the NPA funds allegedly concealed in the Bank, the Management wishes to clarify that following the Federal Government of Nigeria directive on the implementation of the Treasury Single Account (TSA) and the subsequent Central Bank of Nigeria (CBN) directive to the Deposit Money Banks (DMBs) to transfer all MDAs accounts to the TSA with the CBN, First Bank has since complied and transferred all MDAs funds including that of the NPA to the designated TSA account.

For avoidance of doubt and for the information of the general public, we do not have such funds in any of our accounts or deposit portfolio, the statement added.

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