Fidelity Bank MD Arrested for $115 Million Allegedly Received from DAM

The Economic and Financial Crimes Commission, EFCC has arrested the Managing Director of Fidelity Bank, Nnamdi Okonkwo and Head of Operations Martins Izuogbe, and some other officials for allegedly receiving $115 million from former Minister of Petroleum Resources, Diezani Alison-Madueke.

It was alleged that Diezani Madueke asked Okonkwo to help her handle some cash to be distributed to election Officials and Groups during the build up to the 2015 General Elections to canvass for votes and help ensure a return to power of the former administration of which she was a prominent face.    Nnamdi Okonkwo

The bank CEO is accused of not reporting the receipt and warehousing of the cash as stipulated by law to the Nigerian Financial Intelligence Unit, NFIU, which is a crime and breach of law.
This development brings to the fore the code of conduct of banks and financial institutions.