First Bank

Saturday, May 7, 2016

Fidelity Bank M.D Nnamdi Okonkwo Regains Freedom From EFCC Detention

The Economic and Financial Crimes Commission (EFCC) has released the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo.

Mr. Okonkwo was alleged to have received $115 million in deposits to the bank from former Petroleum Resources Minister, Diezani Allison-Madueke, and allegedly helped to disburse money from this to electoral officials.

Okonkwo was arrested for failing to report the transaction to the Nigerian Financial Intelligence Unit, NFIU, as required by the law.

However, the management of the bank last week said the transactions were duly reported as required by the regulators.

A very reliable source close to the bank confirmed Okonkwo’s release on Thursday evening, but it was however not certain as at Thursday night whether Okonkwo will return to his position as Managing Director.

The bank had also on Tuesday announced Alhaji Mohammed Lawal Balarabe as acting Managing Director subject to regulatory approval.


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