Fidelity Bank share slides as EFCC detains CEO

Fidelity Bank shares on The Nigerian Stock Exchange have taken a bashing on the exchange have falling into a two-month low after the Economic and Financial Crime Commission (EFCC) detained the bank’s chief executive last week, prompting it to appoint an acting chief.
Shares in the mid-tier bank fell 7.7 percent to 1.08 naira, a level last touched on March 3. The shares are down 22 percent so far this year.
The Chief Executive Officer of the bank, Nnamdi Okonkwo has been in the custody of the EFCC since Wednesday, as part of investigations into transactions made in the run-up to elections last year.
Fidelity Bank has said that “the transactions were duly reported as required by the regulators” and that it was cooperating with authorities on their investigations.
By our Correspondent