Contrary to claims of having huge non-performing loans to settle with the First Bank of Nigeria, the Honeywell Group has described its business relationship with the bank as highly professional, and in accordance with all regulatory and industry practices and norms. “Honeywell Group has continued to meet all its obligations on its facilities with the bank, according to agreed terms and has reduced its exposure by nearly 30 per cent in 2.5 years. “Like most companies, Honeywell Group utilizes its own equity and borrows from banks and other financial institutions to carry out its operations. “Since 1972, Honeywell Group and First Bank have had a professional business relationship, which preceded the Group’s investment in First Bank, over a decade later. Honeywell Group’s relationship with First Bank has always been professional, at arm’s length, and in accordance with all regulatory and industry practices and norms,” the Group insisted.

Source: Nigerian Tribune May 03, 2021 08:03 UTC