Fidelity Bank CEO Enmeshed In N58.2 billion Money-Laundering Scandal

Fidelity Bank CEO Enmeshed In N58.2 billion Money-Laundering Scandal
Fidelity Bank, CEO, Nnamdi Okonkwo

Nnamdi Okonkwo, the Chief Executive Officer (CEO) of Fidelity bank, has been arrested alongside other top officials of the bank over a N58.2 billion money-laundering scandal.

Following their arrest by the Economic And Financial Crimes Commission (EFCC), Okonkwo and the other arrested officials have regained their freedoms, but the commission is still investigating the matter.

Information reaching Unmask NG now has it that Okonkwo is trying to elude the jail-term associated to money-laundering crimes when convicted, as he’s presently pleading with the EFCC to pity him and consider him for convenient options.

How Okonkwo connived with former minister to carry out the fraud

Following the arrest of Diezani Alison-Madueke, Nigeria’s former Minister of Petroleum Resources, who has since been on trial for multiple fraud and corruption cases, an investigation uncovered a fact that the Fidelity Bank boss helped Alison-Madueke in laundering a huge amount of money that was deployed for the 2015 general elections.

According to reliable information made available to Unmask NG, the former minister Okonkwo to oversee the amount of money designated for electoral bodies and individuals.

However, while the EFCC was investigating a N675.1 million received by some electoral officials in Rivers, Delta, and Akwa Ibom states, it later discovered that Okonkwo was majorly involved in the case.

Having been caught red-handed and charged on a 14-count charge of conspiracy and money-laundering, which is likely to attract serious jail-term, Okonkwo is now begging for settlement outside the court.

Unmask NG learnt that he had already approached a top person in the government to assist him plead for a ease and convenient sentence.

- Advertisement -

Should Fidelity Bank be worried?

It is an open secrete that fraud and money-laundering are challenges that have since been plaguing the banking sector on a global scale. In recent times, fraudulent activities have been on the rise, as bank employees like Okonkwo, align themselves to be part of the machinery carrying out money-laundering at the detriment of the financial institution they represents.

While Okonkwo’s conviction is important for deterrent sake, Unmask NG understands that the development may drag the reputation of Fidelity Bank into the mud.

Previous articleNigeria at 60: Challenges That Have Since Been Making The News
Next articleOkocha, Wife Accused Of Scamming Business Partners