The CEOs of Zenith, Providus, and Jaiz Banks have reportedly been apprehended by the Economic and Financial Crimes Commission (EFCC) in connection with financial misappropriation and fraud. The investigation is linked to the disgraced Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.
Multiple credible sources within the Presidency revealed that the banking executives, under scrutiny since public outcry over the alleged diversion of public funds into private accounts, are now in EFCC custody.
The anti-graft agency is investigating instances of substantial public funds directed into private accounts, allegedly sanctioned by Edu and Farouk during their tenures as ministers. Farouk is also under investigation for the mismanagement of at least N37 billion designated for the conditional cash transfer program.
The large-scale movement of funds into private accounts may have been facilitated by potential oversights in flagging suspicious transactions, a responsibility banks bear under anti-financial crime laws and Central Bank directives.
As of now, the banks involved have not responded to requests for comments on their CEOs’ detention. The EFCC spokesman, Dele Oyewale, sidestepped inquiries into the matter.
In response to the allegations, Betta Edu maintained her innocence, stating on Facebook, “My heart and hands are clean, and I am committed to fighting corruption.” She urged Npower beneficiaries to remain calm amid the accusations.
Several financial corruption investigations have been initiated since President Bola Tinubu assumed power, leading to the detention of prominent figures, including the former CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa.
