The Central Bank of Nigeria’s (CBN) recent revocation of Heritage Bank’s operating license has revealed the extent of First Bank’s financial involvement with the defunct bank.
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Sources with knowledge of the matter have disclosed that First Bank’s total exposure to Heritage Bank amounted to approximately N500 billion.
Under the leadership of former CBN Governor, Godwin Emefiele, First Bank was directed to support Heritage Bank through various means, including forbearance and the clearing of checks and instruments. This support led to Heritage Bank’s substantial indebtedness to First Bank, reaching the staggering sum of N500 billion.
Reliable sources have confirmed that prior to the announcement of Heritage Bank’s license revocation, the CBN had settled First Bank’s exposure to the distressed bank. This settlement was deemed necessary as First Bank’s intervention was carried out at the behest of the apex bank under Emefiele’s leadership.
The revelation of First Bank’s significant financial involvement with Heritage Bank has raised concerns about the potential impact on First Bank’s financial stability.
As one of Nigeria’s leading financial institutions, any substantial exposure to a distressed bank could have far-reaching consequences for the banking sector as a whole.
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