By Cynthia Alo
Contrary to the popular narratives, the management of Honeywell Group, a major corporate stakeholder in First Bank of Nigeria Limited, has said its loan facilities from the bank are within regulatory prescriptions and are performing according to bankis’ credit standards.
This is coming at the backdrop of allegations from both the Central Bank of Nigeria, CBN, and sources at First Bank that the company’s loans breached regulatory requirements.
The apex bank had, consequently reconstituted the boards of directors of both the bank and its parent company, First Banking Holdings Plc, removing some members believed to have links or allegiance to owners of Honeywell.
Our relationship with First Bank professional, says Honeywell Group tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
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The Honeywell Group has said that it is servicing loan facilities obtained from First Bank of Nigeria Limited and other financial institutions across the country.
The company in a statement on Sunday said like most companies, it utilises its own equity and borrows from banks and other financial institutions to carry out its operations.
The company is reacting to the recent furore over the board composition of First Bank and credit facility obtained from the bank.
PREMIUM TIMES reported how the Central Bank of Nigeria (CBN) expressed concern that First Bank “has not complied with regulatory directives to divest its interest in
Views: Visits 23 By Cynthia Alo Contrary to the popular narratives, the management of Honeywell Group, a major corporate stakeholder in First Bank of Nigeria Limited, has said its loan facilities from the bank are within regulatory prescriptions and are performing according to bankis’ credit standards. This is coming at the backdrop of allegations from both the Central Bank of Nigeria, CBN, and sources at First Bank that the company’s loans breached regulatory requirements. READ ALSOCBN, experts advocate collaboration among MFBs on microinsurance The apex bank had, consequently reconstituted the boards of directors of both the bank and its parent company, First Banking Holdings Plc, removing some members believed to have links or allegiance to owners of Honeywell.