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Fidelity Bank In N11Billion Mess

Nnamdi-Okonkwo-FidelityBankThese are not the best of times for Fidelity Bank Plc. as an ex-staff of the financial institution, Mr. Frank Ogboko exposed the bank’s alleged messy deals in a petition to the EFCC. Mr. Ogboko a Chartered Accountant and ICAN member since 1990 was employed on November 1st 2002.

He revealed that while working at the bank’s Internal Audit and Cost Control Unit, he discovered fraud and discrepancies involving Oil Recovery and Environmental Services Ltd. and ERES N.V Limited of depositors fund totaling N11billion culminated from huge debits balances from rogue loans and Capital Market fraudulent activities involving both companies and top management staffers of Fidelity Bank Plc.

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Mr. Ogbodo further revealed that upon his discovery of this discrepancy in the balance sheet, he told his immediate boss, Mr. Bose Ogunbolade that the bank action was not in line with Fidelity Bank’s corporate and financial guidelines and he was persuaded by his boss to look the other way. According to him he was sacked because of this alleged fraud perpetrated by top officers of the bank that he discovered.

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That’s not all, the ex-staff of the bank is also saying that his petition to the EFCC on these alleged huge fraud was also killed by powerful forces at Fidelity Bank who are the real owners of the two companies used to defraud Fidelity Bank Plc.