• Why banks don’t give long term loans – Fidelity Bank MD explains

    Why banks don’t give long term loans – Fidelity Bank MD explains

    The inability of commercial banks to give long-term credit facilities is due to the non-availability of long-term-deposits by Nigerians, a financial expert, Nnamdi Okonkwo, has said.

    Okonkwo, also the Managing Director of Fidelity Bank Plc, made the remark at a conference organised by the Finance Correspondents Association of Nigeria in Lagos.

    The theme of the conference was: “Nigeria beyond Oil, Financing Options for Non-Oil Exports.”

    Okonkwo said most depositors who had huge amounts to save did it on short-term basis because of uncertainties […]

  • EFCC releases Fidelity Bank MD, Nnamdi Okonkwo

    EFCC releases Fidelity Bank MD, Nnamdi Okonkwo

    Following over a week of detention, the Economic and Financial Crimes Commission (EFCC) on Thursday evening released the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo.

    Okonkwo was alleged to have received $115 million in deposits to the bank from former Petroleum Resources Minister, Diezani Allison-Madueke, and allegedly helped to disburse money from this to electoral officials.

    Okonkwo was picked up for failing to report the matter to the Nigerian Financial Intelligence Unit, NFIU, as required by the law.

    However, the management […]

  • Fidelity Bank MD, Nnamdi Okonkwo still in EFCC’s custody over Diezani’s $115m cash

    Fidelity Bank MD, Nnamdi Okonkwo still in EFCC’s custody over Diezani’s $115m cash

    The interrogation of the Managing Director (MD) and Chief Executive Officer of Fidelity Bank Plc., Mr. Nnamdi Okonkwo, over allegations that he received $115 million from former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, by operatives of the Economic and Financial Crimes Commission (EFCC), continued at the Commission’s headquarters in Abuja Thursday.

    Okonkwo was arrested on Wednesday over allegations that Alison-Madueke asked him to release the money to some officials of the Independent National Electoral Commission (INEC), in some states, ostensibly […]