Fidelity Bank tops NSE chart despite MD’s incarceration


FIDELITY Bank’s shares which dropped nearly eight percent to a two-month low of N1.08 after its Managing Director, Nnamdi Okonkwo was whizzed away by the Economic and Financial Crime Commission penultimate week soared by 6.67 per cent on Friday on floor of the Nigerian Stock Exchange to lead other 24 stocks on the gainers’ table.

At the close of business, the bank gained seven kobo to close its share price for the day at N1.12. It was followed by May & Baker, Forte Oil, Conoil and Air Service with five per cent, 4.99 per cent, 4.98 per cent and 4.97 per cent in that order to close their respective share prices at four kobo,N9.48, 82 kobo and 8 kobo.

Nnamdi Okonkwo, who is still in EFCC custody after the anti-graft commission got a 30-day extension to detain the embattled MD, has been replaced by Alhaji Mohammed Lawal Balarabe, its Executive director north, as its acting CEO. The appointment was announced after a board meeting 2 weeks ago.

Okonkwo and some top officials of the bank were arrested by the EFCC for allegedly receiving $115 million from the former minister and disbursed the funds to politicians in the build-up to the 2015 presidential election that was lost by former President Goodluck Jonathan.

EFCC has arrested several officials of the Independent National Electoral Commission (INEC) in Cross River, Osun, Oyo and Delta States who it alleged were bribed with the money deposited with Fidelity Bank to alter the outcome of the 2015 general election.