Why EFCC Is Forced To Release Arrested Bank Managing Directors

…as media blackout on investigation against financial institution seep in

Information available to societynowng.com has unearthed the main reason why antic corruption agency, Economic and Financial Crimes Commission has released arrested bank Managing Directors caught in the web of clandestine political payment.

Sources disclosed to societynowng.com revealed it has more to do in protecting confidence in the banking sector home and abroad than recouping mega funds at stake, especially in the face of global economic challenges.

Societynowng.com learnt the anti corruption agency was forced to release the bank bosses based on pressure from stakeholders within
and outside government who are particular about how the system is portrayed, based on the backlash of media frenzy that trailed each arrest.

The managing Directors of Fidelity Bank Nnamdi Okonkwo, Sterling Bank Yemi Adeola and Access Bank Herbet Wigwe were at different time arrested within the last ten days.

They have all been released but not before an acting Managing Director was appointed – subject to Central Bank approval- by Fidelity Bank in the stead of troubled Nnamdi Okonkwo.

The talks in town interpret the Fidelity Bank situation as culmination of board room intrigues that has now placed embattled Okonkwo in a position to fight to regain his job.
He is believed to be at odds with some major board room hawks eyeing his job before his arrest and subsequent detention for embroiling the bank in a clandestine $115m political payment.

Societynowng.com learnt his release and that of the other two arrested bank bosses were however perfected after intervention in government circles for them to be released after commitment of absolute cooperation in going investigation against them and their financial institution was extracted to protect the integrity of the banking system.

Societynowng.com revealed the move is meant to protect confidence of investors, particularly foreign in ongoing investments Nigerian banks are involved in.
Added investigation revealed another play that is meant to complement the release of bank chiefs in protecting the banking sector is down played media attention in ongoing investigations against financial institutions and players there in
‘’that is why aside the initial arrest of the Fidelity Bank’s Okonkwo, the others enjoyed limited coverage by major medim..particularly that of Access bank’s Herbert Wigwe, they have been convinced the implications for the system and country far outweighs the issues of funds at stake’’ an insider revealed.

Societynowng.com learnt the emerging scenario is not to get the indicted bankers and financial institutions to walk away free, but to keep the investigations and possible prosecutions as down played as possible…all in the interest of the system, especially in this period of economic down time.