In what could be described as unprecedented in Nigerian banking circles (at least since independece) the CEO of Fidelity Bank, Nnamdi Okonkwo has now spent about 7 days in detention with the EFCC following allegations that he partook in the sharing of Diezani loot. It took the bank about 4 days to announce a temporary replacement claiming that it was cooperating with authorities.
According to Rueters, spokesperson for the EFCC Wilson Uwujaren, claimed they were still holding him in detention as
“It is an ongoing investigation that requires his attention and that was why he was arrested. He has been assisting the commission with the investigation.”
The Economic and Financial Crimes Commission (EFCC) said the agency obtained a court order to detain Fidelity Nnamdi Okonkwo and that he would remain in custody while the investigation continued. The extent of the allegations and how badly it could affect the bank’s reputation is yet to be known as events continue to unfold. However, the share price of the bank dropped by about 8 percent to a two-month low of 1.08 naira on Tuesday. It share price was one of the top losers last week where it dropped by about 13%.
The bank is yet to however announce if it is replacing him permanently or still expect to retain him despite these allegations and the image it has done to the bank. We believe another press statement will be issued before the end of this week from the bank.