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$115m Fraud: Fidelity Bank replaces MD to stop slide in shares

The management of Fidelity Bank Plc has announced the appointment of Mohammed Balarabe as interim Managing Director and Chief Executive Officer, to replace its detained CEO, Nnamdi Okonkwo.

The development comes in the wake of an allegation that the embattled Okonkwo received over $115 million from the former Minister of Petroleum Resources, Diezani Alison-Madueke, and three others, but failed to report it to the Economic and Financial Crimes Commission, EFCC. The monies were allegedly used to bribe INEC officials in the run up to the 2015 presidential elections.

However, Fidelity is reported to have returned about N49.7 million to the government as the profit it made from the transaction.


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