$115 million scandal: Fidelity Bank appoints new MD

Nnamdi Okonkwo, Mohammed Balarabe

The management of Fidelity Bank Plc have appointed an interim Managing Director and Chief Executive Officer, Mohammed Balarabe to replace its embattled CEO, Nnamdi Okonkwo, who is still being detained by the Economic and Financial Crimes Commission, EFCC for allegedly fraudulently receiving $115 million (23bn) from former Minister of Petroleum Diezani Alison-Madueke.
According to EFCC investigations, the money was allegedly used to bribe INEC officials ahead of the 2015 general election.

In a statement released by the bank yesterday, the board said the decision followed “the absence of the substantive Managing Director/Chief Executive Officer”.