Whoever believes that the bank is mightier than the storm should ask the management of Fidelity Bank. They probably know better.
As you read, Fidelity Bank is caught in the turbulence of steep commerce; but the fact is that the bank’s management has the instinct and judgment required to guide it through its scariest storms.
According to news doing the rounds, “Officials of the compliance unit of the Central Bank of Nigeria (CBN) on Tuesday afternoon swooped on the headquarters of Fidelity Bank Plc, Lagos, as part of investigations into the $115 million affair.
The bank’s managing director, Nnamdi Okonkwo (pictured), is currently with the Economic and Financial Crimes Commission (EFCC) over suspicion that the money was used to bribe officials of the Independent National Electoral Commission (INEC) during the 2015 elections.
The bank has maintained that the transactions – now being traced to Diezani Alison-Madueke, former minister of petroleum resources – were duly reported to the appropriate agencies as required by law.
Sources informed TheCable that the bank’s executive committee has already made a comprehensive presentation to the CBN on the transactions.
The visit by the compliance department of the apex bank, TheCable understands, is to compare transaction documents with the presentation made by the committee.
Also, the presentation and documents will be compared with the statement made to EFCC by Okonkwo during interrogation, TheCable was informed.
On Monday evening, Fidelity Bank named Mohammed Lawal Balarabe, the executive director (north), as the acting managing director “subject to regulatory approval” in the absence of Okonkwo, who is likely to be charged to court”.
