These are not the best of times for Bank executives in Nigeria following a wave of EFCC investigations bordering on fraud billowing on financial institutions.
This is so as the anti-graft agency, which has been carrying out investigations on alleged abuse of funds under the last administration, extended its dragnet to the banking sector recently.
The Economic and Financial Crimes Commission (EFCC) had picked Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo for allegedly receiving $115 million in deposits to the bank from former Petroleum Resources Minister, Diezani Allison-Madueke, and allegedly helped to disburse money from this to electoral officials.
Okonkwo was picked up for failing to report the matter to the Nigerian Financial Intelligence Unit, NFIU, as required by the law.
Also, the EFCC operatives on Wednesday stormed the headquarters of Sterling Bank Plc in Lagos for an undisclosed investigation as they quizzed the Managing Director of the bank, Yemi Adeola, for over two hours.
And today, Friday, May 6, 2016, the anti graft agency reportedly raided the head office of Access bank in Victoria Island, Lagos with Herbert Wigwe, the group managing director reportedly picked up.