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LAGOS (Reuters) - Nigeria's anti-corruption agency has re-arrested four former
bank chief executives who were sacked for mismanagement by the central bank
during a $4 billion bailout in 2009, a spokesman said on Wednesday.

The Economic and Financial Crimes Commission (EFCC) re-arrested former
Intercontinental Bank chief Erastus Akingbola, former Afribank boss Sebastian
Adigwe, ex-Union Bank chief Bartholomew Ebong and former Finbank head Okey
Nwosu.

"The re-arrest has to do with fresh allegations ... It is based on fresh evidence
from further investigations in the course of their trial," EFCC spokesman Femi
Babafemi said.

The four men were previously charged in a federal high court with money
laundering and other fraudulent acts but would now face supplementary charges
in a state high court, he said.

The central bank injected $4 billion into nine lenders in 2009, saying reckless
lending and inadequate risk management had left them so weakly capitalised
they posed a risk to the entire banking system in sub-Saharan Africa's number
two economy.

High profile corruption cases in Nigeria, particularly against politicians, often drag
on without resolution and analysts are watching to see whether cases against
senior private sector figures will meet a similar fate.
African Examiner | May 05, 2011
Nigeria graft police re-arrest former bank chiefs
| More
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