Managing Director and Chief Executive Officer of Nigeriaâ€™s Fidelity Bank, Mr. Nnamdi Okonkwo, is still in custody, having been detained last week by the Economic and Financial Crimes Commission, EFCC.
This prompted the bank to appoint a temporary replacement yesterday. Spokesman of the anti-graft agency, Wilson Uwujaren, who disclosed this, said the agency obtained a court order to detain Okonkwo and that he would remain in custody while investigation continued.
â€œIt is an ongoing investigation that requires his attention and that was why he wasarrested. He has been assisting the commission with the investigation,â€ Uwujaren said.Okonkwo had been in the custody of the EFCC since last Wednesday, as part of investigations into transactions made in the run-up to presidential elections last year. The bank has said that â€œthe transactions were duly reported as required by the regulatorsâ€ and that it was cooperating with the authorities.
On Monday, the bank appointed one of its executive directors, Mohammed Lawal Balarabe, as acting chief executive with â€œimmediate effect.â€ Shares in the bank fell nearly eight percent to a two-month low of N1.08, yesterday, the first day of trading since it reported a 14-percent drop in first-quarter profits after the marketâ€™s close on Friday. The shares are down 22 percent so far this year.