Fidelity Bank Suffers Major Loss, As Gov Willie Obiano Moves Anambra State Govt Account To Union Bank Over Festering Problem With Predecessor, Peter Obi

…how alleged under the table deals with ex state head cost MD, Okonkwo and his team mega revenue

The Nnamdi Okonkwo led management at Fidelity ban are currently in a bit of fix.

The major account that serves as reference point of its operations as been moved out to another financial institution.

According to information available to societynowng.com Governor of Anambra state Mr Willie Obaino has pulled out his state’s account from Fidelity to Union Bank.

This development is attributed to festering problems with his predecessor Mr Peter Obi.

Former governor Peter Obi is described as possessing the controlling shares at Fidelity bank.
Willie Obiano

‘has the highest and dominating shares of the Fidelity Bank, thereby making him the major owner of the bank’ a source asserted.

Backed by this status and while operating as Chairman of the bank and Governor of Anambra state, Obi had perfected a process that placed the account of the state with Fidelity – and working in tandem with the management of the bank, structured the arrangement in such a way he profits from lodgements that come in.

Incumbent Willie Obaino was an Executive Director at the bank at the time.

And according to an insider, this was one of the main reasons he backed Obaino to succeed him.

‘He wanted someone that will have vested interest in protecting the business arrangement on ground and inherently his profits as well as grateful to him’ the provided insight.

But things changed when Obaino got had access to the state accounts book.

He reportedly discovered he had more mess than he bargained for.

Contrary to state anthem of no debt and in profit, the new governor discovered debts that had eaten into expected revenues.

He immediately initiated a process to correct wrong impressions that has cast his predecessor as a saint in other to give himself a fighting chance.

‘That was the begining of their problem’ a source stated.

And it reportedly got deepened when Obaino discovered in the face of this covered up anomaly, Obi was making certain percentage of profits off contracts given out. And not only that wanted the arrangement to continue while the governor is yet to come to terms with debts on ground.

According to digs further moves to free himself from the shackles of the actions of the former governor spiralled their quarrel out of control.

And now Fidelity bank is caught in the mix.

Narrated a deep seated informant ‘ Obaino wanted Fidelity bank to nullify arrangements that gives Obi profits from lodgements made into Anambra state account at the bank, but the management were dilly dallying..they hide behind honouring contractual agreement…and the governor surprised everybody…he moved the account to another bank’

Insiders revealed faced with the huge loss in revenue, the Nnamdi Okonkwo led management are currently applying intense efforts to redress the situation.

However it is not sure whether the Obiano perfected the same arrangement Obi had with Fidelity, with the Anambra state’s new bank – Union.