Sources inform Nairametrics that the embattled CEO of Fidelity Bank, Nnamdi Okonkwo will be fired by the bank today and that they are already shopping for a replacement. According to our sources, this will be contained in a press release set to be released by the bank any moment from now (Thursday afternoon).

Nnamdi Okonkwo, MD,Fidelity Bank Plc

Nnamdi Okonkwo, MD,Fidelity Bank Plc


According to feelers in and around the bank, directors of the bank are livid with Mr Okonkwo has he had carried out the alleged fraud on his own volition suggesting an abuse of power. The bank claims they did not make any financial gain from any of the transactions and that the CEO basically acted rogue. Typically forex inflow into the bank is sold officially and the gains recorded in the bank’s financial statement.



Fidelity Bank only made N6.2 billion down 52% from the N12.9 billion in Net Foreign Exchange Gains.



People knowledgeable with the matter also recall that Mr Okonkwo, unlike other bank CEOs sold the abrogated the FX windfall to himself and shared it across states in the country. He was also accused to have made huge arbitrage on the money selling at the black market and then pocketing the gains.

More to follow….