Nnamdi Okonkwo Back As Fidelity Bank CEO


Nnamdi Okonkwo resumes work, as the managing Director/Chief Executive Officer of Fidelity Bank Plc, today May 16,2016, three weeks after he was arrested by the Economics and Financial Crimes Commission (EFCC), for allegedly receiving $115m (N23bn) from former Minister of Petroleum Resources, Diezani Alison-Madueke, just before the re-election of former President Goodluck Jonathan.

Mr. Nnamdi Okonkwo was arrested last month by the Economic and Financial Crimes Commission (EFCC) for accepting lodgements running into millions of dollars from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

Since the anti-graft commission embarked on the investigation to establish any complicity, Fidelity Bank has maintained that the lodgements were duly reported to the regulatory authorities as required under the Bank and Other Financial Institutions Act and Money Laundering Act.

Also See: Buhari Agrees To Devalue Naira To N290, Bows To IMF Pressure


Confirming his reinstatement in a statement yesterday. the bank announced the appointment of Alhaji Mohammed Lawal Balarabe (who held fort in Okonkwo’s absence) as the Deputy Managing Director of the Bank, subject to regulatory approval. Balarabe was temporarily appointed acting managing director of the bank, while Okonkwo was away.

The bank described Balarabe as an erudite banker with over 24 years’ experience in corporate, commercial and retail banking and has worked in various capacities in Nigeria’s financial services industry where he acquired strong strategic management, leadership and people skills.

Also See: Mohammed Balarabe Appointed As Fidelity Bank Acting MD

Balarabe holds a Bachelor’s Degree in Accounting and Finance from Nottingham Trent University, United Kingdom as well as Master of Science (M.Sc.) in Finance from the University of Lagos (UNILAG). He has attended several executive education programmes at the Columbia University Business School, INSEAD; Said Business School, University of Oxford; and Kellogg School of Management, amongst others.

He is also a licensed member of the Nigeria Stock Exchange (NSE) since 1992 and has  served as the Executive Director of Oceanic Bank Plc, pursuant to his appointment by the Central Bank of Nigeria (CBN).