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$115 million scandal: Fidelity Bank appoints new MD

03 May 2016, 12:28

Abuja - The management of Fidelity Bank Plc on Monday appointed an interim Managing Director and Chief Executive Officer, to replace its embattled CEO, Nnamdi Okonkwo, who is still being detained by the Economic and Financial Crimes Commission, EFCC.

The Board of the bank said the Executive Director, North, Mohammed Balarabe, was appointed as the acting Managing Director/Chief Executive Officer with immediate effect subject to regulatory approval.

The board said the decision followed the absence of the substantive Managing Director/Chief Executive Officer.

It did not state whether Okonkwo had been fired.

Also read: EFCC arrests Fidelity Bank MD for receiving Diezani’s $115m

The board assured all its customers, including its shareholders of its continued services, despite the change in leadership.

The development is coming in the wake of the continued searchlight on the activities of the management of the bank, which saw Okonkwo being arrested and taken in detention by the anti-graft agency, EFCC.

Source: Punch

- News 24

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