Adam Nuru Scandal: FCMB shares record 6 percent loss on 2021 first trading day

Following a recent paternity scandal involving the Managing Director of First City Monument Bank (FCMB), Adam Nuru, and a married female employee of the bank, Moyo Thomas, shares belonging to the FCMB posted losses in the early hours of trading on Monday, the first trading day of 2021.

According to data on the Nigerian Stock Exchange’s website, the bank’s shares lost 0.20k from the N3.33k it closed at on Thursday, December 31.

This represents a loss of 6.01 per cent. The tier-2 bank, which has a market capitalisation of N65.94 billion, has 19.8 billion shares listed on the Nigerian Stock Exchange.

The bank was ranked top loser on the market as of 1pm on Monday.

The last time the bank’s share price suffered a decline of this magnitude was on November 13, 2020, when it suffered a 10 percent decline from N3.80 per share on November 12 to N3.42 per share on November 13.

The FCMB Managing Director, Adam Nuru, had been a subject of controversy since Thursday over a scandal regarding paternity fraud with many Nigerians calling for his sack.

The spotlight had beamed on Nuru after friends of Tunde Thomas, who died on December 16, alleged that his demise was caused by the FCMB’s managing director in a petition.

The petition had claimed that Thomas died of depression after discovering that his two children with Moyo, his ex-wife and former employee of the bank, belong to Nuru.

A cross-section of Nigerians had on Monday also threatened to close their accounts with the FCMB if the bank authorities failed to investigate and sanction its MD over his alleged affair with Moyo, the bank’s former female employee.

Some Nigerians expressed anger and frustration that with the alleged affair between the FCMB MD and Moyo, which allegedly produced two children and led to the death of Tunde Thomas, the MD ought to have been suspended before the commencement of investigation.

Tunde Thomas, the husband of the woman in contention – Moyo – had died on December 16 reportedly from depression and cardiac arrest.

Thomas reportedly died of depression, after he realised that Nuru allegedly fathered the two children he thought he had with Moyo.

Although the FCMB has said it is investigating the scandal against its MD, a petition has already been raised by concerned Nigerians, demanding that Nuru must be sacked and prosecuted.

According to the petition, Moyo allegedly informed her husband that she was leaving Nigeria for the United States with the kids, only to call him upon arrival that the children did not belong to him.

The petition claimed the news initially caused Thomas to have a stroke but later recovered and thereafter met another lady whom he planned to marry.

He was however said to have suffered cardiac arrest after returning from work about two days before an event organised for his relations and the family of his fiancée to get to know each other, was to be held.

His fiancée was said to have been pregnant at the time.

No fewer than 2,400 petitioners had signed a petition calling for the sacking of the FCMB MD over the marriage scandal as of Sunday afternoon.

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