The company said in 2015, First Bank under the directive of the Central Bank of Nigeria (CBN), drew its attention to a 2004 circular (BSD/9/2004) which required that insider related facilities must not exceed 10 per cent of paid-up share capital.

It said based on this directive, the Honeywell Group subsequently entered negotiations with the bank to agree on an appropriate repayment structure and the final negotiated position was duly approved by the CBN, adding that it is important to note that the facilities have been performing from inception and to-date.

Also, the company has been at the forefront of the development of key sectors in the Nigerian economy, including telecommunications, real estate and financial services through its investments and involvement in food manufacturing and processing companies and has contributed to feeding Nigerians for over 50 years with staples such as flour, noodles, pasta, dairy and fish.

The statement asserted that the Group is a law-abiding, responsible corporate citizen, employing thousands of Nigerians, supporting its communities, delivering value to its stakeholders and complying with regulatory requirements while remaining committed to delivering enduring value and improving lives.

https://worldtopnewsng.com/our-debts-are-being-serviced-says-honeywell-group/