Fidelity Bank Plc has appointed an Mohammed Lawal Balarabe, as its acting Managing Director. He replaces Nnamdi Okonkwo who is presently in Economic and Financial Crimes Commission’s net.
The bank’s Board of Directors approved the appointment, stressing that, the development followed the absence of the substantive Managing Director/Chief Executive Officer.
Prior to his appointment, Balarabe was the Executive Director North and will begin to act as MD pending approval from the Central Bank of Nigeria.
The bank assured it’s stakeholders, including over 400,000 shareholders and about 3.4 million customers, of it’s continued seamless services.
It would be recalled that former MD/CEO Okonkwo was arrested and detained by the EFCC after the anti-graft agency traced $115m dollars to the bank.
The slush fund was lodged in the bank by ex-Petroleum Minister, Diezani Alison-Madueke and her associates for the sole aim of bribing officials of the Independent National Electoral Commission (INEC) across the 36 states.
Although Fidelity Bank has stated that it is cooperating with the EFCC and that it followed due process as well as notified the regulatory body of the transaction, the bank seems to have lost confidence in Okonkwo.