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Fidelity Bank Mohammed Balarabe appointed as MD/CEO

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

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Managing Director and Chief Executive Officer, to replace CEO, Nnamdi Okonkwo, who is still being detained by the Economic and Financial Crimes Commission, EFCC.

ALSO READ: EFCC to go after Diezani's son over alleged $115 million missing funds

The board revealed that the bank's decision was influenced by “the absence of the substantive Managing Director/Chief Executive Officer”.

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

ALSO READ: EFCC probes Bayelsa Governor’s aide for N1bn fraud

The management and activities of the bank have been under scrutiny in recent times, following allegations that it had taken part in the laundering and mismanagement of the $115million set aside procurement of arms.

The monies were  allegedly used to bribe Independent National Electoral Commission officials  in the run-up to the 2015 presidential elections, leading to the arrest and detention of Mr. Nnamdi Okonkwo, the bank's CEO by the anti-graft agency, EFCC.

The bank has denied the reports though, claiming the transactions were duly reported as required by the regulatory authorities and the Bank.

“Our attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015. The transactions are now the subject matter of investigations by the Economic & Financial Crimes Commission (EFCC),” said the bank in the statement.

“We can confirm that the transactions were duly reported as required by the regulators and the Bank is cooperating fully with the authorities on the investigation.

“We assure our numerous stakeholders, including our customers that we are working assiduously towards a quick resolution of the issues.”

Reports have it though, that Fidelity bank refunded about N49.7 million to the government, being profit it made from the transaction.

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