New MD of First Bank Holdings, Nnamdi Okonkwo arrested by EFCC

Nnamdi Okonkwo, the newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc has been arrested by the Economic and Financial Crimes Commission (EFCC).

According to reports, he was being interrogated over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission in favour of Nigeria’s former petroleum minister, Diezani Alison-Madueke.

It was gathered that the banker was the managing director of Fidelity Bank when the transfer was made.

A source claimed after he was arrested, Nnamdi Okonkwo spent at least three days in EFCC care however another said he was just interrogated on Tuesday and permitted to return home.

Meanwhile, it was gathered that before his recent arrest, EFCC had on April 28, 2016, detained Mr Okonkwo over the same matter.

They later slammed a 14-count charge, including money laundering, on him.

The status of the case is indistinct as of the hour of documenting this report on Sunday morning.

It’s also unclear if there is new evidence against the banker which has now required a new round of examination. EFCC authorities reached declined to give subtleties.

Note that the board of FBN Holdings Plc had on October 28 named Mr Okonkwo the new GMD of the company with effect from January 1, 2022.

He will succeed U.K. Eke, who will step down on December 31, as indicated by the First bank’s note to the Nigerian Exchange Limited.

The board’s choice came five days after the executive of Geregu Power Plc, Femi Otedola, announced his 5.07 percent stake in the group, making him a significant shareholder.

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Chidi Iloamaeke

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