The Economic and Financial Crimes Commission (EFCC) has taken into custody the Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks, following their alleged involvement in financial misappropriation and fraud tied to former Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.
Also read: Concerns over breach as Zenith Bank’s data centre catches fire, suspends activities
The banking executives, who had been under discreet scrutiny since public outrage erupted over the improper diversion of public funds into private accounts, were apprehended by the EFCC, according to multiple credible sources within the Presidency.
The ongoing EFCC investigation is examining multiple instances of substantial public funds being redirected into private accounts, actions allegedly sanctioned by Edu and Farouk during their tenures as ministers.
Sadiya Umar-Farouk, who previously oversaw the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, is also facing investigation for the mismanagement of at least N37 billion in public funds earmarked for the conditional cash transfer program under the administration of then-President Muhammadu Buhari.
The movement of significant funds into private accounts was reportedly facilitated, in part, by potential deliberate oversights in flagging suspicious transactions, a responsibility banks are mandated to uphold under various anti-financial crime laws and Central Bank directives.
As of now, the banks in question have not responded to requests for comments regarding the detention of their CEOs. Similarly, the EFCC spokesperson, Dele Oyewale, avoided specific inquiries into the matter.
In response to the allegations and her suspension, Betta Edu addressed Npower beneficiaries through a Facebook post, asserting her innocence and commitment to fighting corruption.
Ms. Edu stated, “Dear Npower Beneficiaries, I want to assure you all to remain calm and steadfast amidst the recent accusations and suspension I am facing. My heart and hands are clean, and I am committed to fighting corruption.”
She further added, “It’s essential to be aware that some individuals with impure intentions may use government machinery against you. Stay strong, and together, we will navigate through these challenges.”
This development is part of a series of financial corruption investigations initiated since President Bola Tinubu assumed office, leading to the detention of prominent figures, including the disgraced former CBN governor Godwin Emefiele and former EFCC chair Rasheed Bawa.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
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