First Bank explains $469 million NNPC funds ordeal

 

first bankThe management of First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc said there has been no concealment or unwillingness to remit $469 million Nigerian National Petroleum Corporation’s (NNPC) fund.

 

The bank in a statement said all NNPC balances were duly reported and fully disclosed to the Central Bank of Nigeria (CBN).

 

According to the statement, “First Bank has been a major banker to the NNPC for many years, with deep relationships spanning the NNPC’s local and foreign currency businesses. The bank has consistently met demands of its customer including NNPC at all times. The bank has been engaging the NNPC and the CBN prior to this announcement on the need to retain the said balances domestically as part of measures to ameliorate challenges due to unavailability of foreign currency, customers inability to source foreign currency to fund trade finance obligations and ultimately to promote economic growth in the current difficult macroeconomic environment.”

 

The bank further that is currently in engagement with CBN saying, “this development will have no direct impact on customers relationship with the bank, as we believe that normal foreign currency activities will be uninterrupted with the expectation of a formal CBN communication confirming resolution immediately.”

 

First Bank however, reassured all its stakeholders of its commitments, and remain confident in its ability to honour all obligations as and when due.

 

“The bank continues to maintain a net positive balance with the CBN and hopefully of a quick and amicable resolution”, it stated.