First Bank Denies Hiding NPA Funds

Market ban

In line with the allegations that First Bank and another commercial bank are hiding funds belong to the Nigerian Ports Authority, NPA, First Bank has issued an official statement to refute the allegations.

“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’s directive on the implementation of the Treasury Single Account (TSA) and the subsequent CBN’s directive to the Deposit Money Banks (DMBs) to transfer all MDAs accounts to the TSA with the CBN, FirstBank has since complied and transferred all MDAs funds including that of the NPA to the designated TSA account”.

The bank said 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”.