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Newly Appointed MD Of First Bank Holdings Lands In EFCC Nets (See What Happened)

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

According to Premium Times, Okonkwo is being questioned over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission (NNPC) in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister.


A source said that the banker, who was managing director of Fidelity Bank at the time of the incident, has remained in EFCC custody for at least three days, and it was unclear when he would be allowed to go home.

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The EFCC had on April 28, 2016, detained Okonkwo over the same matter and later slammed a 14-count charge, including money laundering, on him. The status of the case is unclear as of the time of filing this report on Sunday morning.

It is also unclear if there are fresh evidences against the banker which has now necessitated a fresh round of investigation. EFCC officials contacted declined to provide details.

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The board of FBN Holdings Plc had on October 28 appointed 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, according to the company’s note to the Nigerian Exchange Limited.


The board decision came five days after the chairman of Geregu Power Plc, Femi Otedola, declared his 5.07 per cent stake in the group, making him a substantial shareholder.

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