First Bank of Nigeria Limited says it has paid the N1.877 billion fine imposed on it by the Central Bank of Nigeria (CBN) for its failure to totally comply with regulations regarding the Treasury Single Account (TSA). The apex bank indicted Nigeria’s premier commercial bank for concealing N37,548,198,102.41 belonging to the Nigerian National Petroleum Corporation (NNPC). However, in a letter signed by Tijjani Borodo, secretary of First Bank, and addressed to the Nigerian Stock Exchange (NSE), the bank said the payment had been made. “We wish to confirm and acknowledge imposition of a fine of the sum of N1.877 billion by the Central Bank of Nigeria (CBN) on our subsidiary (First Bank) and declare that the fine has since been paid,” the letter read. The letter also informed the NSE that the bank is “engaging conversations with the CBN” on the regulatory decision and assured its investors that it would continually take responsibility, while complying with stipulated regulations. “Kindly be assured that the bank and the entire FBN Group as responsible corporate citizens remain committed to values epitomized by strict compliance to the highest standards of ethics and corporate governance,” the letter read. United Bank for Africa (UBA) was also fined over N2.9 billion for failure to comply with the TSA policy.
Culled from: https://www.thecable.ng/first-bank-pays-n1-9b-tsa-fine