$115 Million Scandal: Fidelity Bank Appoints Acting MD/CEO

Mohammed Lawal Balarabe

Following the arrest of its Managing Director/Chief Executive Officer Nnamdi Okonkwo by the Economic and Financial Crimes Commission, Fidelity Bank has announced Mohammed Lawal Balarabe as its acting MD/CEO with immediate effect.

Okonkwo was arrested by the EFCC for helping former Minister of Petroleum Resources, Diezani Alison-Madueke transfer $115 million through Fidelity Bank to INEC officials and Non Governmental Organisations around the country during the build up to the 2015 General Elections. Click here if you missed it.

According to THIS DAY, the Bank released a statement to this effect after a Board meeting on Tuesday night. Read it below:

In the absence of the Managing Director/Chief Executive Officer, Nnamdi Okonkwo, the Board of Directors has appointed Alhaji Mohammed Lawal Balarabe, Executive Director North as Acting Managing Director/Chief Executive of Fidelity Bank Plc with immediate effect subject to regulatory approval.

The bank reassures all its stakeholders including over 400,000 shareholders and 3.4 million customers of its continued seamless services.