According to a top official of the anti-graft agency, Okonkwo’s arrest became pertinent, as the recently-uncovered $72.8 million is domiciled in Fidelity Bank when Okonkwo served as the financial institution’s Managing Director (MD).

The arrest of the First Bank chairman is, therefore, part of the ongoing investigations of the former minister, who is being probed for siphoning public funds during her time in office.

“Okonkwo, who is currently the Chairman of First Bank Holding, alongside others, had earlier been grilled over a sum of $153m and $115m by the commission.

“Okonkwo is currently being detained by the EFCC over the whereabouts of the new $72.87 million,” the anti-graft agency’s Spokesman, Wilson Uwujaren, said in a statement.

The involvement of First Bank chairman with Diezani

According to the EFCC, the former minister had embezzled $153 million from the Nigerian National Petroleum Corporation (NNPC), and stashed it in three banks in the country, including Fidelity Bank.

Futher uncovering the activities surrounding the siphoning of the public funds, the EFCC said Okonkwo, who headed Fidelity Bank at the time Diezani intended to divert the money, helped her take delivery of it, and kept $40 million with the former Executive Director, Public Sector Accountant of First Bank, Dauda Lawal.

EFCC stated that Okonkwo did this to conceal the source.

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For his leadership role in the bank’s transformation process, Okonkwo won The Banking Sector CEO of the Decade at the BusinessDay Banks and Other Financial Institutions (BAFI), which recently Awards held in Lagos.

While receiving the award on behalf of Okonkwo, the Bank’s Executive Director for Operations and Technology, Gbolahan Joshua commended the effort of the CEO, saying Okonkwo has contributed immensely to the development of the bank, hence, he merited the award.

“This comes as a crowning glory to the contributions of Mr Nnamdi Okonkwo to Fidelity Bank, the banking industry and the entire Nigerian economy. As you may be aware, he is retiring as our CEO, after the completion of contract tenure, by December 31, 2020.

“Okonkwo was honoured for “transforming Fidelity Bank into one of the fastest-growing and most trusted financial services brands in Nigeria,” he stated.

He however dedicated the award to stakeholders including, customers, shareholders, the board of directors, executive management, and staff of Fidelity Bank.

Joshua said, “He has asked me to dedicate this to all the stakeholders of the bank, including his family and mentors. According to him his modest achievements and contributions would not have been possible without their unalloyed support and help.”

With so much joy in the air, Fidelity Bank was also named the Commercial Bank of the Year.

Company’s performance

Under Okonkwo administration, the bank recorded a 236 percent growth in profit before tax from N9 billion to N30.4 billion in 2019; customer and savings deposit also grew from N806.3 billion to N1.35 trillion and from N83.3 billion to N312.1 billion respectively.

More so, the bank’s net loans and advances grew by 174 percent from N426.1 billion to N1.16 trillion; customer base increased by 121 percent from 2.4 million to 5.3 million, and digital banking penetration improved from 1.0 percent to 50.1 percent, accounting for 28.4 percent of total fee income.

Amongst other achievements, Okonkwo was able to rebrand projects that led to an increased youth appeal, revamp the bank’s management performance and implement digital transformation in improving digital retail strategy.

BAFI Awards, established by BusinessDay Newspapers to recognises and celebrate organizations, individuals, and teams that have achieved excellence in the delivery of financial services across the country.

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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.

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.

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