Nnamdi Okonkwo, Embattled Fidelity Bank’s CEO Returns

Fidelity bank

After the dust seems to be settling on the ‘INEC Bribery Scandal’, Nnamdi Okonkwo, is now back in his position as the CEO of the bank.

This is surprising as the bank had swiftly replaced him with Mohammed Lawal Balarabe. In a statement made available by the bank last week, Mohammed’s position as the acting CEO of the bank took a immediate effect even when it was subjected to regulatory approval of The Exchange.

News reports that Nnamdi has resumed as the CEO and Balarabe as the deputy CEO has not been notified on The Exchange. The arrest of Nnamdi Okonkwo has made the bank’s shares to tank nearly going below the NGN 1 benchmark for all stocks on The Exchange.

Fidelity Share After Nnamdi
Source: The Exchange. T&C applies

The appointment of Mohammed did brought back some gains to the price of the stock. The EFCC has made known any of its decision on what went under in its investigation.

The CBN is still investigating Fidelity, Sterling, and First Bank Nigeria Limited for their alleged involvement in the laundering of funds for Diezani-Alison Madueke, the former minister for petroleum resources