Fidelity Bank Monday night announced the appointment of Alhaji Mohammed Lawal Balarabe as its Acting Managing Director/Chief Executive Officer. This followed the continued absence of its substantive MD/CEO, Nnamdi Okonkwo who has been in the custody of the Economic and Financial Crimes Commission (EFCC) since Monday last week.

Okonkwo was said to have received the controversial $115 million cash deposit from Deziani Alison-Madueke, the embattled former Minister of Petroleum Resources which the bank distributed to some INEC officials and other accounts during the last election.

The bank may have taken the action in view of the bad publicity the arrest and detention of Okonkwo has continued to generate.

A statement by the Bank on Monday read: “In the absence of the Managing Director/Chief Executive, Mr. Nnamdi Okonkwo, the Board of Directors of Fidelity Bank Plc has appointed the Executive Director, North, Alhaji Mohammed Lawal Balarabe, as the Acting Managing Director/Chief Executive Officer of Fidelity Bank Plc. with immediate effect subject to regulatory approval.

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