First Bank Denies Holding NPA Funds

First Bank

One of the first generation banks in Nigeria, First Bank, has denied being in possession of funds belonging to the Nigeria Ports Authority (NPA).

It was alleged that the big player in the financial institution in the country was being used to keep the money to be allegedly cornered later.

But in a statement signed by its management, First Bank said there was no iota of truth in the rumour.

“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,” the bank said in the statement.

It emphasised 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.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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