Financial experts are looking at the continous detention of Fidelity bosses beyond emotion ..and they are worried on the implications, based on the banking rules..The Economic and Financial Crimes Commission obtained a remand order to keep the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, and the bank’s Head of Operations, Mr. Martins Izuogbe, pending the outcome of investigations.
EFCC had been given permission to detain the suspects for 30 days…analysts are of the opinion that if normal banking rule was followed, by reporting the transaction to the appropriate authority..why the arrest and long detention now?…
‘Banking is a sensitive business;wrong impression is being sent to the banking public now..;as if Fidelity is dubious,.,because of the huge corruption in nigeria,each time the citizen hear large amount associated with a person or institution,such is judged as guilty in public court.
.The implication of long detention is huge..perception matters..image is everything in banking.EFCCshould be prevailed upon.
The source at the EFCC had said, “On Thurday, we approached a court in Lagos, where we applied for a remand order. The court granted our prayer and gave us permission to hold them for 30 days pending the conclusion of investigations.”
The bank officials were said to have handled the funds for a former Minister of Petroleum Resources, Diezani Alison-Madueke. Diezani was said to have met with Okonkwo before the elections and handed him $26m in cash to help her keep even though she had no account with Fidelity Bank.
She was also alleged to have informed the bank MD that four other companies would deposit $89m and he should help her to convert the monies to naira.
Diezani’s son, Ugonna Madueke, who the EFCC is now looking for, allegedly gave Okonkwo a list containing the names of people who would receive the funds.
Fidelity Bank has, however, denied any wrongdoing, adding that it reported its financial dealings to the appropriate authorities.
‘Fidelity Bank Plc’s attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015.
The transactions are now the subject matter of investigations by the Economic & Financial Crimes Commission (EFCC).
We can confirm that the transactions were duly reported as required by the regulators and the Bank is cooperating fully with the authorities on the investigation.
We assure our numerous stakeholders, including our customers that we are working assiduously towards a quick resolution of the issues.’