MAJOR shareholder behind Nnamdi Okonkwo’s EFCC ordeal


Nnamdi Okonkwo

December 19 (THEWILL) – News of the arrest of Nnamdi Okonkwo, the former managing director of Fidelity Bank Plc. and now managing director of FBN Holdings, the holding company of First Bank of Nigeria Limited, by the Economic and Financial Crimes Commission, has dominated the media space in recent days.

Okonkwo was asked about the whereabouts of the $ 72.87 million sum belonging to the troubled former Oil Resources Minister Diezani Alison-Madueke which was deposited in the bank.

This deposit was made while Okonkwo was in charge of the bank’s affairs and the anti-corruption agency is now opening investigations into this money which is the product of the former minister’s corrupt activities.

This will not be the first time that the EFCC has arrested Okonkwo for money belonging to Diezani who is now in “exile” in the UK.

Last month, the agency took him into custody for his alleged role in the $ 153 million deposited in the bank in Diezani’s name, by a former executive director of a first-generation bank.

While it may appear that the anti-corruption agency is simply doing its job and trying to get Okonkwo convicted of his crimes, this is far from the case.

THEWILL exclusively learned that Okonkwo’s ordeal would be orchestrated by a major First Bank shareholder.

This particular shareholder uses the tactic of trick people, to embarrass Okonkwo to such an extent that FBN Holdings would have no choice but to remove him from his position as GMD, even if it is to distance himself from anyone else. scandal, having just survived a previous scandal which consumed the first woman president of the bank and the president of the holding.

Although this shareholder claims that he is not interested in any position on the board of directors of FBN Holdings and First Bank Plc, either directly or by proxy, and that he only wishes to be an investor, this would be far from the truth.

On Friday, Mr. Remi Babalola unexpectedly resigned from his tenure as chairman of FBN Holdings barely eight months after taking office following the abrupt departure of his predecessor, Oba Otudeko in April 2021. According to our sources, this shareholder could have put pressure on Babalola to resign.

The game plan for this shareholder is to install his own lackey, an act he was unable to perform, because while he was still increasing his shares, the first shareholder had already influenced the nomination. Okonkwo.

This did not go well with the complicit shareholder, of course, and so the plan to bring about Okonkwo’s impeachment through a series of well-orchestrated arrests was devised, using the anti-agency arrowhead. corruption claiming to be an enemy of corruption but failed. bring to justice a former governor or a prominent figure for corruption, after nearly a year in the saddle.

To give this even more credit, shortly before the announcement of Okonkwo’s arrest a few days ago, the anti-corruption agency’s points man had to cut his trip to a country short. ‘North Africa, where he was a panelist at an anti-corruption conference, to personally take charge of the case in accordance with his “master” offer.

Before word of Okonkwo’s arrest spread, the anti-corruption agency had to send out a press release that was said to have been fraught with grammar and punctuation errors as it was hastily drafted on instructions from the head of the agency, to make it appear that the agency was really doing its job without any conditions.

But will this shareholder end up succeeding in having FBN Holdings succumb by abandoning Okonkwo and appointing his own lackey?

We are waiting to see who will emerge victorious from this battle of “attrition”.

Either way, the CBN which owns a huge stake in the bank will ultimately decide who gets what.


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