CEO Of Fidelity Bank, Okonkwo, Detained For 7 Days As EFCC Continues Investigation ---360

The chief executive of Fidelity Bank of Nigeria, Nnamdi Okonkwo, has been remanded in custody on Tuesday, upon his detainment last week, by the country’s premier anti-graft agency, prompting the lender to appoint a temporary replacement.

According to Reuters, the spokesperson for the Economic and Financial Crimes Commission (EFCC), Wilson Uwujaren, revealed that the commission was granted a court order to keep Okonkwo in custody, while the investigation last.

He said: “It is an ongoing investigation that requires his attention and that was why he was arrested. He has been assisting the commission with the investigation.”

Okonkwo has been in the custody of the EFCC since last Wednesday, as part of investigations into transactions made in the run-up to presidential elections last year.

The bank has said that “the transactions were duly reported as required by the regulators” and that it is cooperating with the authorities.

Meanwhile, the Fidelity bank has on Monday appointed one of its executive directors Mohammed Lawal Balarabe as acting chief executive with “immediate effect”.

The appointment was announced after a board meeting which ended last night.

A two-paragraph statement at the end of the meeting said Balarabe’s appointment, which took effect last night, was subject to regulatory approval even as the bank assured its stakeholders of continued seamless services.

“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,” it said, adding: “The bank reassures all its stakeholders including over 400,000 shareholders and 3.4 million customers of its continued seamless services.”