$23m Diezani scam: Fidelity Bank cuts first head

Nigeria's Oil Minister Diezani Alison-Madueke attends the annual meeting of the World Economic Forum (WEF) in Davos in this January 23, 2013 file photo. To match Special Report NIGERIA-ELECTION/BANKER REUTERS/Pascal Lauener/Files (SWITZERLAND - Tags: BUSINESS HEADSHOT POLITICS ENERGY)

The Board of Directors of Fidelity Bank Plc. Sunday night approved the appointment of an Acting Managing Director/Chief Executive for the bank in the person of the Executive Director, North, Alhaji Mohammed Lawal Balarabe, following the continued detention of its Managing Director/Chief Executive, Mr. Nnamdi Okonkwo, by the Economic and Financial Crimes Commission (EFCC) as part of investigations into millions of dollars received and disbursed by the bank on behalf of Mrs. Deziani Alison-Madueke, the erstwhile Minister of Petroleum Resources.

Fidelity in a statement on Sunday said Balarabe’s appointment is effective immediately “Subject to regulatory approval.”

“The Bank reassures all its stakeholders including over 400,000 shareholders of its continued seamless services,” the statement added.

Fidelity had in a statement last week said it duly reported the transactions being investigated by the EFCC as required by law.


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