Fidelity Bank names Acting MD/CEO

Fidelity Bank names Acting MD/CEO


Fidelity Bank plc has named Alhaji Mohammed Lawal Balarabe, as its Acting Managing Director/ Chief Executive.

This follows the detention of its Managing Director and Chief Executive Officer, Mr. Nnamdi Okonkwo by the Economic and Financial Crimes Commission (EFCC). In a terse statement issued last night, the bank said, “In the absence of the Managing Director/ Chief Executive Officer, Mr. 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.”

The EFCC had last week detained Okonkwo and the bank’s Head of Operations Martins Izuogbe for allegedly receiving $115 million from Mrs. Alison- Madueke.

Investigators believe the cash was meant for the bribery of Independent National Electoral Commission (INEC) to change the results of last year’s presidential election. However, in a statement, the bank defended the transaction saying it complied with the extant regulations on suspicious transactions reporting.

It added that it was “cooperating fully with the authorities on the investigation”.

Financial institutions are required by the Anti-Money Laundering and Counter Financing of Terrorism (AML/ CFT) Regulations, 2013 (as amended) to forward their AML/CFT Compliance Manual to the Central Bank of Nigeria (CBN) for off-site review of the document as well as carry out enhanced customer due diligence for high risk customers.


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