First Bank Holdings Penalised N39.26m For Breach Of NGX, SEC Regulations

First Bank Holding Plc has admitted breach of regulatory rules by the Group and its subsidiary, FBNQuest Merchant Bank.

The breach occurred in 2023 when FBNH flouted guidelines of NGX Regulation Limited and Securities and Exchange Commission respectively for late submission of 2022 audited financial statements and Q1 2023 unaudited financial statements.

FBNQuest on its part breached the rules of FMDQ by its late filing of a deferral request on behalf of its client.

The development was revealed in the FBNH financial statement for the full year 2023, obtained by THE WHISTLER.

For the breach, FBNH was fined N9.6m and N4.55m by NGX Regulation Ltd while FBNQuest was penalised N3m and N110,000 making a total of N17.26m.

FBNH was similarly fined N22m for breaching regulatory rules totalling N39.26m in the two years between 2022 and 2023, THE WHISTLER can report.

The books revealed that during the period ended “December 31, 2023, the Group entities paid penalties in the sum of N17.26m (2022: N26m) to regulatory bodies as below: FBN Holdings Plc. (the Company) paid penalties of N9.60 million and N4.55m to NGX Regulation Limited and Securities and Exchange Commission respectively for late submission of 2022FY audited financial statements and Q1 2023 unaudited financial statements.

“FBNQuest Merchant Bank paid a penalty of N3m during the year to the Securities & Exchange Commission for breach of transaction rules and N0.11 million to FMDQ for late filing of deferral request on behalf of its client.”

The company’s books revealed that customer deposits with First Bank hit N10.9trn as the lender doubled its profit in 2023.

FBNH recorded revenue growth of N917.7bn up from the N551.9bn posted in 2022, reflecting a 66.27 per cent surge in revenue.

The company’s pre-tax profit surged by 129.4 per cent in 2023 to N362.2bn from N157.9bn recorded in 2022.