February 04, 2024

Betta Edu, Sadiya Umar-Farouq: Zenith, Providus, Jaiz banks’ CEOs at EFCC office, submit documents

Investigations into alleged fraud, financial misappropriation, and diversion of public funds into private accounts, linked to suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouq, have led to the invitation of some ‘big boys’ in Nigeria’s banking sector by Nigeria’s anti-graft commission. A presidency source revealed on Tuesday that the Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks have been arrested by operatives of the Economic and Financial Crimes Commission (EFCC). “They are now in EFCC custody. Forensic experts and intelligence officers are already interrogating them”, said the source. The anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action sanctioned by Edu and Farouq using their position as ministers. It is believed that the large-scale movement of funds into private accounts was partly 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 source said: “The CEOs, with their aides, arrived at the EFCC office with a lot of files. After their interrogation, they handed over documents relating to accounts operated by the Ministry of Humanitarian Affairs to help the commission in its investigations. A few minutes later, they were allowed to go. I don’t know if they were told to return this week or next week”.
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