{"id":55530,"date":"2016-05-04T00:28:33","date_gmt":"2016-05-03T22:28:33","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=55530"},"modified":"2016-05-04T00:28:33","modified_gmt":"2016-05-03T22:28:33","slug":"ceo-of-nigerias-fidelity-bank-remains-in-custody-shares-down","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=55530","title":{"rendered":"CEO of Nigeria’s Fidelity Bank remains in custody, shares down"},"content":{"rendered":"

The chief executive of Nigeria’s Fidelity Bank remained in custody on Tuesday, having been detained last week by the country’s financial crimes agency, prompting the lender to appoint a temporary replacement.<\/strong><\/span><\/p>\n

A spokesman for Nigeria’s 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.<\/p>\n

“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,” Wilson Uwujaren said.<\/p>\n

Okonkwo has been in the custody of the EFCC since Wednesday, as part of investigations into transactions made in the run-up to presidential elections last year.<\/p>\n

The bank has said that “the transactions were duly reported as required by the regulators” and that it is cooperating with the authorities.<\/p>\n

On Monday the bank appointed one of its executive directors Mohammed Lawal Balarabe as acting chief executive with “immediate effect”.<\/p>\n

Shares in the bank fell nearly 8 percent to a two-month low of 1.08 naira on Tuesday, the first day of trading since it reported a 14 percent drop in first-quarter profits after the market’s close on Friday.<\/p>\n

The shares are down 22 percent so far this year.<\/p>\n

President Muhammadu Buhari took office last May after winning an election on a campaign promise to crack down on corruption, and the EFCC has made a number of high-profile arrests since.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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