The Honeywell Group, majorly owned by the recently sacked chairman of FBN Holdings Plc, Oba Otudeko on Sunday said that it has reduced its debt to First Bank Limited by 30 percent in the last two years.
According to the company, its loan obligations to the First Bank is being serviced.
In a statement issued in Lagos on Sunday, the Honeywell Group said the credit facilities accessed from First Bank were granted after due negotiations, with the necessary documentation and in line with regulatory policies and industry standards.
In 2015, First Bank under the directive of the Central Bank of Nigeria drew our attention to a 2004 circular (BSD/9/2004) which requires that insider related facilities must not exceed 10 percent of paid-up share capital.
Source: Global Financial Digest