Economy

Nigeria central bank launches banking probe

Date: May 10, 2016

Nigeria's central bank (CBN) and law enforcement agencies have launched an investigation into various banking deals after allegations of illegal transactions, it said on Tuesday.

President Muhammadu Buhari took office a year ago after campaigning on an anti-corruption ticket, and authorities have made a number of high-profile arrests since then, including several former executives from major state institutions.

"The CBN is also carrying out its own special examinations and investigations to ascertain the veracity of some allegations, as well as the extent and persons that may be involved in such activities," the bank said, giving no details.

"The safety and the soundness of the Nigerian banking industry remains strong," it said.

Last week, the Economic and Financial Crimes Commission said it had obtained a court order to arrest the managing director of Nigeria's Fidelity Bank, Nnamdi Okonkwo, as part of an investigation into transactions in the run-up to the election in which Buhari beat Goodluck Jonathan.

It was not clear whether Okonkwo's arrest was related to Tuesday's statement, nor was it immediately possible to contact Okonkwo or his lawyer for a comment.

--reuters--

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