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Fidelity Bank Appoints Mohammed Balarabe As Acting MD

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The Executive Director, North, of Fidelity Bank Plc, Mohammed Balarabe, has been named as the Acting Managing Director/Chief Executive of the bank with immediate effect, subject to regulatory approval.

A statement was released on Monday, May 2, indicating the decision made by the bank’s Board of Directors.

Balarabe’s appointment is as a result of the absence of the Managing Director/Chief Executive Officer, Nnamdi Okonkwo, who was last week arrested by the Economic and Financial Crimes Commission alongside some officials of the bank.

Okonkwo and the Fidelity Bank officials were alleged to have received $115m (N23bn) from a former Minister of Petroleum Resources, Diezani Alison-Madueke, to prosecute the re-election of former President Goodluck Jonathan.

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Prior to the 2015 presidential election, Diezani was said to have reached out to Okonkwo to help her disburse some cash to electoral officials and groups.

Diezani’s son, Ugonna Madueke, served as a middleman between the former minister and the MD of the bank.

Ugonna was responsible for forwarding the names of the beneficiaries of the funds to the Fidelity Bank officials.

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