First Bank faces cash liquidity problems-stops disbursement of all approved loans
First Bank Nigeria Plc is currently battling issues relating to cash liquidity problem,sources revealed. Bisi Onasanya, the group managing director (GMD) of the financial institution is said to be doing all within reach to put situation under control.
Strategies to curtail the effect and turn around the threat are speedily being put in place. Sources disclosed that one of the major tools being employed- is stoppage of the disbursement of all approved loans.
This directive was reportedly given on Monday, August 6 2012.
In the past, when such news went to town concerning former Oceanic and Intercontinental Banks, high brows were raised by those who saw it as unbelievable because of the ‘public reputation’ that the organizations gave themselves.
Insiders confirmed the development caused a bit of disquiet among staffers in the know.
Bisi Onasanya, First Bank Boss
The development is viewed as ‘grave’ – because of the vital role ‘loan issuance’ play in the economy of a bank.
The bank’s top shot were forced to leak information that- the occurrence is part of moves by the Central Bank of Nigeria to ‘lower inflation and give room for Naira appreciation!’
With added information to top level staffers that ‘ the CBN is mopping up public sectors fund in Banks- and this has seriously affected liquidity’
Insiders revealed this explanation is yet to calm frayed nerves at the financial institution with- those in the know intimating others ‘things aren’t looking positive o! Manage well o! ‘
A move that is creating a quietly growing wave of concern among workers across board in the financial establishment.
Bank’s spokesperson Folake Alli-Mumuney maintained ‘I’m currently travelling but I can assure you this is certainly not true ‘
She added she would have someone get in touch for clarification- a word yet to be kept at press time.