Access, Fidelity Banks’ Shares Rise After Ceos Questioning

Access, Fidelity Banks’ Shares Rise After Ceos Questioning
Oladejo Amos
Demand for shares of both Access Bank and Fidelity Bank rose further on the Nigerian Stock Exchange on Monday despite their invitation by the Economic and Financial Crimes Commission.
Acceess Bank gained 5.67 per cent yesterday to close at N4.28 per share, compared to N4.05 it closed last Wednesday.
Also, Fidelity Bank’s shares appreciated four kobo or 3.45 per cent to close at N1.17 per share, but Sterling Bank shed one kobo or 0.61 per cent to close at N1.63 per share.
Our correspondent learnt that the suspects were arrested in relation to some alleged sharp practices that took place in their banks in relation to the oil sector and Alison-Madueke.
The anti-graft agency arrested the Fidelity Bank boss on April 25 based on allegations that he helped Diezani to handle $115million and convert it to N23billion during the build-up to the 2015 presidential elections.
The money was allegedly said to have been used in bribing officials of the INEC.
However, Fidelity Bank last week, reportedly refunded N49.7million, its profit from the disbursement of the N23billion.
Similarly, Sterling Bank and Access Bank Plc were asked to return some money. It could, however, not be ascertained how much was involved.