TSA: First Bank debunks holding NPA’s fund

By Kayode Ogunwale

 
First Bank of Nigeria has debunked claims that the Nigeria Port Authority’s (NPA) funds allegedly concealed in the bank.

The bank’s in a statement noted that, it has complied with the Central Bank of Nigeria’s (CBN) directive on the implementation of the Treasury Single Account (TSA).

According to the statement by the bank, “The Federal Government of Nigeria’s directive on the implementation of the TSA and the subsequent 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.”

The bank’s however stressed that, “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 Central Bank of Nigeria had last year fined First Bank of Nigeria a sum of N1.8 billion for non-compliance to the federal government’s policy on TSA.