Fidelity Bank replaces detained Managing Director, Okonkwo

Fidelity Bank Plc has named a new acting managing director “subject to regulatory approval”. He is Mohammed Lawal Balarabe, the executive director (north).

The announcement was made on Monday evening by the board of directors following the arrest and detention of Nnamdi Okonkwo, the MD, by the Economic and Financial Crimes Commission (EFCC) in relation to allegations of bribery of electoral officials in the 2015 general election.

The bank had earlier said in a press statement that that it duly reported all the transactions in relation to the $115 million said to have been deposited by Diezani Alison-Madueke in exchange for naira.

Balarabe was executive director of Oceanic Bank International Plc and served as a deputy general manager and regional bank head of north east of United Bank for Africa Plc.