Monday 16th May 2016

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Okonkwo Resumes as Fidelity Bank CEO, Balarabe Now DMD Obinna Chima Following the resumption of the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo today, Alhaji Mohammed Lawal Balarabe who held fort in Okonkwo’s absence, has been appointed as the Deputy Managing Director of the Bank,

T H I S D AY S P E C I A L R E L E A S E subject to regulatory approval. Balarabe was temporarily appointed acting managing director of the bank, while Okonkwo was being investigated by the Economic

and Financial Crimes Commission (EFCC) for accepting lodgements running into millions of dollars from the former Minister of Petroleum Resources, Mrs.

Diezani Alison-Madueke. Since the beginning of investigation launched by the commission to establish any complicity, Fidelity Bank has maintained that the lodgements were duly reported to the regulatory authorities as required under

the Bank and Other Financial Institutions Act and Money Laundering Act. A statement from the bank yesterday confirmed Okonkwo’s reinstatement, adding that Balarabe is an erudite banker with over 24

Discos Disconnect Legacy Debtors…

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years’ experience in corporate, commercial and retail banking. “He has worked in various capacities in Nigeria’s financial services industry where he acquired strong strategic management, leadership and people skills,” Fidelity Bank added. Continued on page 11

Monday 16 May, 2016 Vol 21. No 7690. Price: N250

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Kachikwu: Subsidy Removal Will Save N16.4bn Paid to Marketers Monthly

In Abuja, Venezuela’s ex-energy minister congratulates Nigeria for bold move NLC's planned strike faces headwinds, House to deliberate on fuel price hike today Chineme Okafor, Damilola Oyedele and Paul Obi in Abuja The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the federal government would

have had to cough up N16.4 billion every month to offset the subsidy claims of oil marketers had it not taken the decision to remove the subsidy on petrol. Continued on page 10

Chevron Evacuates Staff as Masterminds of Attacks on Facilities Apprehended N’Delta stakeholders meet on upsurge in violence Group blames Jonathan’s loyalists for violence Ndubuisi Francis, Senator Iroegbu, Chineme Okafor in Abuja and Ejiofor Alike in Lagos Following the spate of attacks on its facilities, Chevron Nigeria Limited at the weekend commenced the

evacuation of staff from its installations in the western Niger Delta, including the Escravos Export Terminal, THISDAY has learnt. The company has however Continued on page 11

PDP Holds NEC Meeting to Address Crisis… Page 12

EKO DISCO IN TALKS ON TECHNICAL PARTNERSHIP

L-R: Managing Director/CEO, Eko Electricity Distribution Plc (EKEDP), Mr. Oladele Amoda; President, Tetra Tech. Inc., Mr. Dean White; Chairman, EKEDP, Mr. Charles Momoh; and Managing Director, Tetra Tech, Mr. David Victor, at the inaugural meeting for technical assistance partnership under the US government’s Power Africa Transactions and Reform Programme (PATRP) for sub-Saharan Africa held between the two organisations in Lagos… recently


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Monday 16th May 2016 by THISDAY Newspapers Ltd - Issuu