The crisis in the nigerian banking sector has escalated for the five nigerian banks whose chief executives were sacked by the Central Bank of Nigeria (CBN) last week, as the Economic and Financial Crimes Commission (EFCC) has arrested three of the bank executives
The Economic and Financial Crimes Commission (EFCC) said today that it has also arrested eight other executives of the five banks sacked last week by the Central Bank of Nigeria, CBN .

Those in the EFCC custody are Okey Nwosu (former FinBank MD), Barth Ebong (former Union Bank MD), Peter Ololo (MD Falcon Security, a subsidiary of FinBank), and Sebastian Adigwe (former Afribank MD), Felicia Sonubi (Oceanic Trustees MD), and Ayodele Thomas (Oceanic Securities MD).

Others are Abiodun Taiwo (International Capital Market MD), Abubakar Magaji (Intercontinental Trustees MD), Adegboye Adewoyi (Intercontinental Securities MD), Alex Duruike (First Inland Securities MD), and Emmanuel Okonji (First Inland Capital Market MD).

Also on the EFCC watch list are Erastus Akingbola (former Intercontinental Bank MD), Cecilia Ibru (former Oceanic Bank MD), Ben Nwoji (Afribank Trustees MD), and Henry Onyemem (Union Trustees MD). They have been placed on the EFCC watch list to prevent them from leaving the country.
In a related event Chief Erastus Akingbola has gone to the federal high court to review his sack as Intercontinental Bank MD and has sued for 50 billion naira in damages.