Fidelity Bank entangled in fresh $72.8m money laundering scandal

Fidelity Bank has been fingered in a fresh $72.87 million money laundering allegation against Diezani Alison-Madueke, a former minister of Petroleum Resources by the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency in a statement on Wednesday disclosed that the money was discovered in a Fidelity Bank account and Nnamdi Okonkwo, a former managing director of the bank, has been arrested over the development.

He was, however, released on Wednesday after questioning by officials of the EFCC.

Part of the statement read, “As part of the ongoing investigations into the former Minister of Petroleum Resources, Diezani Alison-Madueke, the Economic and Financial Crimes Commission, EFCC, has arrested a former Managing Director of Fidelity Bank Plc, Nnamdi Okonkwo, allegedly over an additional $72, 870,000million still in the coffers of the bank,” the statement reads.

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

“While all the $153 million was recovered by the EFCC, the cases involving $ 115million, as it relates with the Independent National Electoral Commission, INEC, bribery matter, are in various courts.
“Okonkwo and Charles Onyedibe are currently being detained by the EFCC over the whereabouts of the new $72.8 million.”

The House of Representatives Committee investigating looted funds had in November invited Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, over alleged falsified records and unremitted funds from Nigerian National Petroleum Corporation (NNPC).

She was questioned on the recovered looted funds allegedly from the former Petroleum Minister, Diezani Allison Madueke, which was traced to Fidelity Bank.

Out of the $153 million of the looted funds from NNPC, $40 million was alleged to have passed through Fidelity Bank.

The antigraft agency had also quizzed Onyeali-Ikpe’s predecessor, Nnamdi Okonkwo, over his role in the $153 million recovered funds from former Petroleum Minister.

Diezani, who is currently on asylum in the Dominican Republic, had fled the county shortly before former President Goodluck Jonathan handed over to President Muhammadu Buhari in 2015, is alleged to have stolen $2.5 billion from the Nigerian government while in government, though she has rebutted the allegations.