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Fidelity Bank Appoints New MD Following $115million Scandal

FIDELITY BANK-MDThe management of Fidelity Bank Plc have appointed an interim Managing Director and Chief Executive Officer, Mohammed Balarabe (right) to replace its embattled CEO, Nnamdi Okonkwo (left), who is still being detained by the Economic and Financial Crimes Commission, EFCC for allegedly fraudulently receiving $115 million (N23bn) 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”.

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Peace is a wife and mother who reports and analyses global trends from the perspective of a Deeva; in the hope of invoking a thought process that will lead to a positive change.

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