Fidelity Bank Appoints New Acting Managing Director | Independent Newspapers Limited
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Fidelity Bank Appoints New Acting Managing Director

Mohammed Lawal Balarabe
Posted: May 3, 2016 at 12:42 pm   /   by   /   comments (0)

Fidelity Bank Plc has named its erstwhile Executive Director North, Alhaji Mohammed Lawal Balarabe, as the bank’s acting Managing Director/Chief Executive Officer, following the arrest of its MD/CEO, Mr. Nnamdi Okonkwo by the Economic and Financial Crimes Commission, EFCC.

The anti-graft agency had arrested the Fidelity Bank boss for allegedly receiving $115 million in lodgements from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and disbursed the funds to politicians ahead of the 2015 presidential election which the former President, Goodluck Jonathan lost.

Last Thursday, the bank had issued a statement to explain that the transaction was reported to the regulator and that it was cooperating with the EFCC in its investigations as a law-abiding corporate citizen.

But announcing Balarabe’s appointment after a board meeting which ended last night, the bank said the appointment took effect last night and was subject to regulatory approval. Fidelity Bank assured its stakeholders of continued seamless services.

A two-paragraph statement issued at the end of the meeting reads: “In the absence of the Managing Director/Chief Executive Officer, Mr. Nnamdi Okonkwo, the Board of Directors has appointed Alhaji Mohammed Lawal Balarabe, Executive Director North as Acting Managing Director/Chief Executive of Fidelity Bank Plc with immediate effect subject to regulatory approval.

“The bank reassures all its stakeholders including over 400,000 shareholders and 3.4 million customers of its continued seamless services,” the statement added.

Balarabe, who has over 24 years banking experience across business portfolios in banking, holds a Bachelor’s degree in Accountancy and Finance from Nottingham Trent University, UK, as well as an MSc in Finance from the University of Lagos.