Reps Issue Warrant of Arrest On FCMB MD

Jul 24, 2008 (Daily Trust/All Africa Global Media via COMTEX) -- FICC | Quote | Chart | News | PowerRating -- The House of Representatives Joint Committee on Capital Market and Institutions, Banking and Currency Tuesday issued a warrant of arrest on the Managing Director and Chief Executive Officer of First City Monument Bank (FCMB), Mr. Ladi Balogun.

The warrant, jointly signed by Rep. Ahmed Aliyu Wadada (PDP, Nasarawa) and Rep. Ogbuefi Ozomgbachi, co-chairmen of the committees, frowned at the Managing Director of the FCMB's refusal to appear before the committee over the alleged unwholesome activities in the banking sector.

They asked the Inspector General of Police, the Director General of the State Security Service and the Chief Sergeant at Arms of the National Assembly to arrest the MD and bring him to committee by Thursday July 31st.

The joint committee has been investigating alleged unwholesome activities in the banking sector and has taken evidences from managing directors of various finance institutions in country but Mr Ladi Balogun allegedly dodged the MPs despite several invitations extended to him.

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