We have no hidden funds of NPA, says First Bank

First Bank of Nigeria has said the bank has no hidden account of Nigerian Ports Authority (NPA) with it.

In a statement filed at the Nigerian Stock Exchange (NSE), the management of First Bank said the bank had complied with the directive on Treasury Single Account (TSA) by transferring all accounts of all Ministries, Departments and Agencies (MDAs) with the bank to the TSA account with the Central Bank of Nigeria (CBN)., and that the transferred accounts had since included that of the NPA.

“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.

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“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.

The new Hadiza Bala Usman-management of NPA had alleged that three banks were holding about N13.595 billion belonging to the NPA, contrary to the directives on the TSA.

It had been alleged that about $24.1 million or N9.399 billion at N390 to a dollar, was lodged with a bank.

Another trapped sum of €6 million or about N2.09 billion were said to be in two other banks while $5.4 million or N2.106 billion was said to be in the NPA’s TSA Account in the CBN.

 

 

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