The Central Bank of Nigeria (CBN) said that First Bank is a very significant part of the Nigerian banking system, and it is happy that investors are showing interest in First Bank’s shares.
This was made known by the CBN Governor, Godwin Emefiele at the Monetary Policy Committee meeting held today, November 23rd, 2021.
The apex banks stated that one person cannot own First Bank and the major shareholders should see themselves as representatives of other shareholders.
Emefiele stated that First Bank is essentially too valuable to the banking sector to fail.
“Remember that First Bank was established in 1894 and is the oldest bank in Nigeria. It is a powerful domestically significant bank in Nigeria. If anything happens to First Bank, it means that something has gone wrong with the Nigerian banking system. And it is for this reason that we are taking advice on how to keep the bank afloat very seriously.“
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