Fidelity Bank Plc appointed Mohammed Balarabe as acting head after its Managing Director
Nnamdi Okonkwo was detained over alleged illegal dealings by the bank.
Nigeria’s anti-graft agency, Economic and Financial Crimes Commission, arrested Okonkwo and is investigating him over “suspected illegal transactions,” EFCC spokesman Wilson Uwujaren
“At the end of the investigation there will be a formal statement on our findings. Charges are to
be filed,’’ he said, declining to give further details.
In a statement sent to reporters by text message, the lender said Balarabe had been appointed “in
the absence” of Okonkwo.
Fidelity Bank said in the statement, adding it was reassuring “all its stakeholders including over
400,000 shareholders and 3.4 million customers of its continued seamless services.” Fidelity
Bank shares declined 6 percent to 1.10 naira at close of trading in Lagos, its lowest since Feb. 29.