First Bank dismisses involvement in alleged N11.2b fraud in NPA


First Bank of Nigeria at the weekend absolves itself of any involvement in the alleged N11.2 billion fraud at Nigerian Ports Authority (NPA).

This came as a response to an online medium, PREMIUM TIMES’s report on Saturday that the new management of the NPA has uncovered an alleged fraud totalling N11.23 billion involving the foremost banking institution.

According to the report, out of the amount, six million Euros (N2.09billion at N348 to a dollar) were found concealed in two banks – First Bank of Nigeria and First City Monument Bank.

Another $24.1million (N7.47billion at N310 per dollar) was allegedly traced to Heritage Bank, the successor bank to the defunct Societe Generale Bank.

But sources in the bank’s Corporate Communications department dismissed the claim of the bank’s involvement in any such thing.

The ban said it will respond more appropriately through a media statement, when it concludes investigations within its internal operations.

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