Browsing: Fidelity Bank

After ordering the temporary forfeiture of the monies to the Federal Government on Friday, Justice Hassan gave Sterling Bank and any other interested party 14 days to appear before him to prove the legitimacy of the monies, failing which the funds would be permanently forfeited to the Federal Government.

The banks have failed to remit $2.1 billion, the government’s share of dividends from the state-owned gas company, NLNG. The banks were supposed to pay the money into the government’s account at the central bank but have failed so far.

Fidelity Bank has come under scrutiny, following the arrest and detention of Okonkwo by the Economic and Financial Crimes’ Commission over $115 million he received from Diezani Alison-Madueke and three others, but failed to report it to the Nigerian Financial Intelligence Unit (NFIU).