The announcement was made on Monday evening by the board of directors following the arrest and detention of Nnamdi Okonkwo, the MD, by the Economic and Financial Crimes Commission (EFCC) in relation to allegations of bribery of electoral officials in the 2015 general election.
The bank had earlier issued a press statement maintaining that it duly reported all the transactions in relation to the $115 million said to have been deposited by Diezani Alison-Madueke in exchange for naira.
Balarabe was once the bank’s executive director of commercial and consumer banking (north directorate).
He was executive director of Oceanic Bank International Plc and served as a deputy general manager and regional bank head of north east of United Bank for Africa Plc.
He holds a bachelor of arts in accounting and finance from Nottingham Trent University (1986) and master of science in finance from the University of Lagos (1995).
The board assured its 40,000 shareholders and 3.4 million customers of “continued seamless services”.