FirstBank assures customers of uninterrupted services amidst misleading media reports
Stanley Ihedigbo
First Bank of Nigeria (FirstBank) has moved to clarify misleading media reports regarding a commercial transaction with General Hydrocarbons Limited (GHL), which is currently a subject of litigation.
The bank has reassured its customers of its commitment to providing seamless banking services, despite the ongoing dispute.
According to FirstBank, the transaction involved the extension of credit facilities to GHL for the development of Oil Mining Lease assets.
However, the bank claimed that GHL breached the terms of the agreement, including diverting proceeds and refusing to execute terms for additional funding.
FirstBank has denied allegations of abusing the court process, stating that it approached the court to protect its interests and recover diverted proceeds.
The bank remains committed to supporting legitimate business aspirations and building a strong credit culture.
FirstBank has also expressed gratitude to its shareholders for the successful Rights Issue of its parent company, First Holdco Plc, and looks forward to completing the recapitalization exercise.
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