First Bank denies alleged concealment of NPA’s N11.2bn

First Bank Nigeria has denied any involvement in the alleged concealment of N11.2 Billion belonging to the Nigerian Ports Authority (NPA).

In a statement sent to the Nigerian Stock Exchange (NSE) First Bank said, “We do not have such funds in any of our accounts or deposit portfolio”

Titled “Corporate statement on the alleged NPA funds in First Bank”, the financial institutions said it has complied with all directives regarding transfer of such funds.

“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, 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 bank stated.

It was reported weekend that the new management of the Nigerian Ports Authority had uncovered an alleged fraud totaling N11.23 billion.

According to the report, out of the amount, six million Euros (N2.09billion at N348 to a dollar) were found concealed in two banks – First Bank of Nigeria and First City Monument Bank.

Another $24.1million (N7.47billion at N310 per dollar) was allegedly traced to Heritage Bank, the successor bank to the defunct Societe Generale Bank.

Source: City Business News