Oh! Crisis at First Bank of Nigeria

 As the crisis that has bedeviled the once highflying Nigerian lender, First Bank of Nigeria Limited and its holding company, FBN Holdings Plc widens, depositors of the bank are said to be in panic withdrawals over uncertainty.

First Bank, one of Nigeria’s oldest and largest financial institutions, has faced mounting governance challenges that have eroded investor confidence and raised concerns about its long-term stability.

The crisis has prompted calls for decisive intervention from the Central Bank of Nigeria, CBN, and the Securities and Exchange Commission, SEC. Shareholders have urged regulators to enforce compliance, resolve disputes, and ensure the bank’s stability in the interest of Nigeria’s financial system.



Findings by The Witness however, revealed that depositors and customers of the bank have continued to move out their funds as they fear the CBN may wield their hammer in the financial institution any time soon.


Though FBN Holdings Plc has issued a statement dousing the tension and assuring stakeholders that the ongoing disputes would not impact its operations, depositors of the bank have been adamant, moving their deposits in droves.


The bank, in the statement, had emphasized its commitment to corporate governance and highlighted improved financial performance and a growing market capitalization.

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