In a significant development, the CEOs of Zenith, Providus, and Jaiz banks have been arrested by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in financial misappropriation and fraud linked to Betta Edu, the disgraced Minister of Humanitarian Affairs and Poverty Alleviation, and her predecessor, Sadiya Umar-Farouk.
These banking executives, who have been under discreet scrutiny since public outcry erupted over the questionable diversion of public funds into private accounts, are now in EFCC custody, according to multiple credible sources within the Presidency.
The anti-graft agency is currently investigating numerous instances of substantial public funds being directed into private accounts, actions reportedly sanctioned by Edu and Farouk during their tenures as ministers. Sadiya Umar-Farouk is also under scrutiny for the alleged mismanagement of at least N37 billion in public funds designated for the conditional cash transfer program during the previous administration.
The movement of funds into private accounts was allegedly facilitated by a potential deliberate oversight in flagging suspicious transactions, a responsibility banks bear under various anti-financial crime laws and Central Bank directives. The banks involved have not immediately responded to requests for comments regarding their CEOs’ detention.
EFCC spokesman Dele Oyewale declined to comment on the matter. Meanwhile, Betta Edu maintains her innocence and commitment to fighting corruption amid the controversy surrounding her alleged request to wire funds into a private account. In a Facebook post addressed to Npower beneficiaries, Edu urged calm, asserting her clean record and emphasizing the need to stay strong amid challenges.
As financial corruption investigations continue under President Bola Tinubu’s administration, the detention of prominent figures like the disgraced CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa highlights the government’s commitment to addressing corruption within its ranks.
