The Managing Director of Fidelity Bank Plc, Nnamdi Okonkwo has been released by the Economic and Financial Crimes Commission (EFCC).
Okonkwo was last week arrested, after being alleged to have helped former Petroleum Resources Minister, Diezani Allison-Madueke, disburse $115 million from the bank to electoral officials prior to the 2015 presidential election.
He was arrested for failing to report the transactions to the Nigerian Financial Intelligence Unit, NFIU, as required by the law.
Subsequent to his arrest, the management of the bank said the transactions were ‘normal business’ which was duly reported as required by the regulators.
Leadership now reports that Okonkwo was released on Thursday evening.
While in detention, Okonkwo was replaced with Mohammed Lawal Balarabe as Managing Director of Fidelity Bank.
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