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Honeywell Nigeria Plc has been in the news lately over its indebtedness to First Bank Plc. The Central Bank issued a query to the bank last week asking that it recover the loans within 48 hours while also divesting from its equity interest in the company.
Honeywell in turn issued a press release claiming that its First Bank loans are being serviced and that it has paid down the loans by 30% over a two-year period.
“Honeywell Group has continued to meet all its obligations on its facilities with the Bank according to agreed terms and has reduced its exposure by nearly 30% in 2.5 years. The facilities were charged at market rates and the Bank continues to earn significant interest therefrom.”
We re servicing our First Bank loans, says Honeywell punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
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.