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House Rescinds Arrest Warrant on FCMB MD

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July 28 , 2008


The House of Representatives Joint Committee on Capital Markets, Banking and Currency has withdrawn the warrant issued for the arrest of the Managing Director/Chief Executive Officer of First City Monument Bank Plc (FCMB), Mr. Ladi Balogun, for failing to appear before the committee.


The withdrawal of the order was communicated to the FCMB boss and other relevant agencies through a later jointly signed by the Secretary, Capital Market, Ifeanyichukwu O. Abraham and Secretary, Banking and Currency, James Obotu.


The letter reads: “We are directed to write you and other relevant agencies to communicate the decision of the House Joint Committee on Capital Market & Institutions and Banking & Currency to formally rescind its earlier Order of Warrant of Arrest made against you.”


“We wish to further re-assure you of the Joint Committee’s best intentions and respect,” the Committee said.


The Committee’s letter was copied the Inspector General of Police; Chief Sergeant-at-Arms, National Assembly; the Director General, State Security Services (SSS); and the Editor, ThisDay Newspapers.


The arrest order which was issued because of the failure of the bank’s managing director to honour an invitation to appear before the joint committee investigating banks’ practices in the post-banking industry was reported by THISDAY on Wednesday.


But in its reaction, the bank in a letter addressed to the chairman of the committee, explained that “the MD/CEO is a law-abiding citizen of this country and will not deliberately refuse to honour an invitation to appear before the Joint Committee.”


The bank acknowledged that the MD was sent formal invitations and explained the circumstances of his inability to honour the invitations. These, the bank stated were formally communicated to the Joint Committee and an understanding reached that another date be scheduled and be communicated to the bank chief ahead of the session. The bank further told the committee that up to the day the warrant was issued, no new date had been communicated to him.

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