Moody's eyes First Bank of Nigeria for trim

Moody's Investors Service said it placed all long-term ratings and assessments of First Bank of Nigeria Ltd. on review for downgrade. Before the review, the bank’s outlook was negative.

The decision for the review, Moody’s said, follows the dissolution of First Bank's board by the Central Bank of Nigeria, the bank's primary regulator, on April 29, which led to the removal of all non-executive directors while the executive management remained in place.

“The review for downgrade will focus on First Bank's ability to address the shortcomings highlighted by the regulator as concerns its governance and risk procedures, among others, the management of its loan portfolio to related parties, and the rating agency will monitor any further corrective actions that the regulator may require,” Moody’s said in a press release.

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