$115m fraud: Fidelity Bank reacts to report of MD’s arrest, says bank cooperating with EFCC

Nnamdi Okonkwo, Managing Director/Chief Executive Officer, Fidelity Bank Plc

Fidelity Bank on Thursday reacted to the arrest of its Managing Director, Mr. Nnamdi Okonkwo by the Economic and Financial Crimes Commission (EFCC) for allegedly receiving $115 million from a former Minister of Petroleum Resources, Diezani Alison-Madueke.

The management of the bank in a statement said it is cooperating with authorities and working to resolve the issues.

The bank claimed that the transactions were duly reported and that it is cooperating with the authorities to resolve the issues.

According to the statement, “Our attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015.

“The transactions are now the subject matter of investigations by the Economic & Financial Crimes Commission (EFCC).

“We can confirm that the transactions were duly reported as required by the regulators and the Bank is cooperating fully with the authorities on the investigation.

“We assure our numerous stakeholders, including our customers that we are working assiduously towards a quick resolution of the issues.”