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Fidelity Bank names interim replacement for arrested CEO

Nigeria's Fidelity Bank Plc named an interim replacement after thearrest of its managing director and CEO.

The lender said its executive director for its northerndirectorate, Alhaji Mohammed Lawal Balarabe, will take over as acting managingdirector and CEO. Balarabe's appointment takes effect May 2 and is subject toregulatory approval.

The move follows the arrest by Nigeria's Economic and Financial CrimesCommission of Nnamdi Okonkwo, who is accused of receiving $115 million from aformer minister of petroleum resources, Diezani Alison-Madueke, and paying it outto politicians in the build-up to the 2015 presidential election.