The Managing Director/CEO of Fidelity Bank, Mr. Nnamdi Okonkwo, has returned to his position after being a guest of the Economic and Financial Crimes Commission (EFCC) over allegation of aiding graft.

He was accused, alongside some officials of the bank, of allegedly receiving $115 million (N23 billion) from a former minister of Petroleum Resources, Diezani Alison-Madueke, to prosecute the re-election of former President Goodluck Jonathan.
Following Okonkwo’s resumption, Alhaji Mohammed Lawal Balarabe who held forte in his absence, has been appointed as the deputy managing director of the Bank, subject to regulatory approval.

Okonkwo was temporarily replaced by Balarabe following his arrest by the Economic and Financial Crimes Commission (EFCC)

The bank, in a statement described Balarabe as an erudite banker with over 24 years’ experience in corporate, commercial and retail banking. He has worked in various capacities in Nigeria’s financial services industry where he acquired strong strategic management, leadership and people skills.

Balarabe holds a Bachelor’s Degree in Accounting and Finance from Nottingham Trent University, United Kingdom (UK), as well as Master of Science (M.Sc.) in Finance from the University of Lagos (UNILAG). He has attended several executive education programs at the Columbia University Business School, INSEAD; Said Business School, University of Oxford; and Kellogg School of Management, amongst others.

A licensed member of the Nigeria Stock Exchange (NSE) since 1992, Balarabe also served as Executive Director of Oceanic Bank Plc, pursuant to an appointment by the Central of Nigeria (CBN).

He was also a General Manager in United Bank for Africa (UBA) and had been the General Manager & Chief Executive of Newdevco Finance Services Company Limited before his appointment to the Board of Fidelity Bank in April 2012.