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Fidelity Bank has reinstated Nnamdi Okonkwo as Managing Director/CEO following his release from detention by the Economic and Financial Crimes Commission (EFCC).

According to a Thisday report on Monday, the bank has appointed Mohammed Lawal Balarabe – who served as acting Managing Director/CEO in Okonkwo’s absence – Deputy Managing Director.  

Two weeks ago, Fidelity Bank had appointed Balarabe to temporarily take over as Managing Director when Okonkwo was arrested and detained as part of an ongoing probe by the EFCC into illicit bank transactions conducted during the run-up to the general elections in 2015.

It has been widely reported that several banks facilitated the transfer of funds allegedly released by former Minister of Petroleum Resources, Diezani Alison-Madueke, to influence the outcome of the 2015 general elections.

Apart from Okonkwo, the EFCC also interrogated Herbert Wigwe, Access Bank’s Group MD/CEO; Yemi Adeola, Sterling Bank’s CEO; and Dauda Lawal, an Executive Director at First Bank of Nigeria.

The Central Bank of Nigeria said last week that it has launched its own special investigation into the alleged illegal transactions to establish any complicity by banks or their officials.

Fidelity Bank has maintained that all transactions were duly reported to regulatory authorities and the bank is cooperating with the investigations.