COSTAIN Releases Final Settlement of Concessionary Amount to First Bank of Nigeria Limited


January 21, 2014 10.45AM/NSE

Costain (West Africa) Plc has notified The Nigerian Stock Exchange that the company has finally liquidated its debt with First Bank of Nigeria Limited which led to the appointment of a Receiver Manager by First Bank for which The Exchange notified the market via its market bulletin of November 6, 2013.


The final installment of the concessionary sum was paid by Costain (West Africa) Plc via its letter to First Bank of Nigeria Limited dated 13th January 2014 and First Bank’s acknowledge of the sum paid via its letter dated 15th January 2014.


First Bank of Nigeria Limited has confirmed that based on this development, Costain (West Africa) Plc is deemed to have discharged its obligation to the Bank on this facility. The Bank also stated that steps are being taken to discharge the receivership at the Corporate Affairs Commission and all relevant authorities will be notified as appropriate.  

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