Tuesday, 3 May 2016

Fidelity bank appoints new acting Managing Director

Following arrest and exit of Mr Nnamdi Okonkwo, the managing director/chief executive officer of Fidelity bank by operatives of the Economic and Financial Crimes Commission (EFCC), the Board of Directors of Fidelity Bank Plc has appointed the executive director, north, Alhaji Mohammed Balarabe, as the acting managing director/chief executive of the bank with immediate effect. 


Mr Nnamdi Okonkwo was arrested alongside some officials of the bank for allegedly receiving $115m (N23bn) from a former minister of petroleum resources, Diezani Alison-Madueke, to prosecute the re-election of former President Goodluck Jonathan. 

The bank, however, reassured the over 400,000 shareholders and 3.4 million customers of its continued seamless services. 

The EFCC also arrested the bank’s Head of Operations, Mr. Martins Izuogbe, for his role in the alleged scam, which the anti-graft agency described as unprecedented. 

The detective said: “The MD of Fidelity Bank has been arrested and is currently in our custody. During investigations into the INEC Resident Electoral Commissioners, we got a major breakthrough as funds disbursed were traced to Fidelity Bank. 

“We invited the MD, who then confessed to us that during the build-up to the presidential election, Diezani invited him to a meeting in Abuja. Diezani told him that some companies would deposit some funds in his bank and that she would give him further instructions on how the funds would be disbursed.

“The first company, Auctus Integrated, deposited $17,884,000 into the bank. The second company, Northern Belt Gas Company, deposited $60m, while another company, Midwestern Oil and Gas, deposited $9.5m. A fourth company, Leno Laitan Adesanya, deposited $1.85m, while the MD himself received $26m in cash,” Punch quoted the detective. 

The source alleged that Diezani’s son, Ugonna Madueke, later served as a middleman between the former minister and the MD of the bank.


Source- Punch (Nigeria)

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