FBN Holdings has acknowledged the fine of N1.877 billion that was levied on it by the bank regulator, CBN, for withholding the funds of the National oil company NNPC, due to be remitted to the Treasury Single Account (TSA). It also confirmed that the fine has since been paid.
FBN Holdings company secretary Tijjani Borodo, in a letter to the Nigeria Stock Exchange said: “In response to the widespread media reports, we wish to confirm and acknowledge the imposition of the sum of N1.877 billion by the CBN on our subsidiary First Bank of Nigeria, and declare that the fine has since been paid.
“However, the Management of First Bank is still engaging in conversation with the CBN on the regulatory decision.
“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”.
First Bank’s N1.877 billion fine is estimated to be 5% of the N37.5 billion witheld sum.
The bank is one out of four companies in the past few days which have been in the spotlight for irking regulators.
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