Nigeria’s Fidelity Bank shares fell for the second day hitting a two-month low on Tuesday after the EFCC detained the lender’s chief executive last week, prompting it to appoint an acting chief executive.

Shares in the mid-tier bank fell 7.7 percent to 1.08 naira, a level last touched on March 3. The shares are down 22 percent so far this year.

Fidelity CEO Nnamdi Okonkwo has been in the custody of the Economic and Financial Crimes Commission (EFCC) since Wednesday, as part of investigations into $115million bribe-for-votes transactions made in the run-up to elections last year.

Former petroleum minister, Diezani Alison-Madueke routed the money through the bank, making up the $115m deposit with a personal $25million, after four oil companies had deposited the rest.

The money was later converted into Naira and distributed via the bank to officials of the Independent National Electoral Commission countrywide to rig the poll for former President Goodluck Jonathan.

Fidelity Bank has said that “the transactions were duly reported as required by the regulators” and that it was cooperating with authorities.

Fidelity Bank on Monday night announced the appointment of Alhaji Mohammed Lawal Balarabe as its Acting Managing Director/Chief Executive Officer.

In a statement Monday night, the bank said: “In the absence of the Managing Director/Chief Executive, Mr. Nnamdi Okonkwo, the Board of Directors of Fidelity Bank Plc has appointed the Executive Director, North, Alhaji Mohammed Lawal Balarabe, as the Acting Managing Director/Chief Executive Officer of Fidelity Bank Plc. with immediate effect subject to regulatory approval.

“The Bank reassures all its stakeholders including over 400,000 shareholders of its continued seamless services.”