Investors React To Sex Scandal As FCMB’s Share Price Drops By 6.1%

First City Monument Bank share price has dropped to N3.13 per share from the N3.33 traded on Thursday, December 31 last year.

The development was in reaction to the sex scandal associated with its Managing Director, Adam Nuru.

The bank’s MD was accused of being responsible for the death of Tunde Thomas, whose wife, Moyo, reportedly told him that his two kids were fathered by Nuru.

Moyo, who is as staff of FCMB, had travelled to America where she told him the kids were not his.

Thomas, 45, was later down with stroke before he suffered cardiac arrest which eventually led to his death.

The development had led to over 2,572 people calling for his resignation in a petition to the Central Bank of Nigeria Governor, Godwin Emefiele, titled ‘Justice for Tunde.’

Over the past months, the company witnessed its worst plunge in share price on December 23, when it traded at N2.9.

In the last 52 weeks, the shares traded lowest at N1.41, while the highest daily price was N3.99.

The company according to the Nigerian Stock Exchange has an outstanding shares of 19,802,710,754, while market capitalisation is currently N61.98bn.