The Economic and Financial Crimes Commission (EFCC) has apprehended the CEOs of Zenith, Providus, and Jaiz banks in connection with financial misappropriation and fraud involving disgraced Minister of Humanitarian Affairs and Poverty Alleviation Betta Edu and her predecessor, Sadiya Umar-Farouk.
The banking executives, who have been under covert investigation since the public outrage over the unscrupulous diversion of public cash into private accounts, are now in EFCC custody, numerous reputable sources within the Presidency told Peoples Gazette on Tuesday.
The anti-graft agency is currently investigating multiple cases of considerable public cash being channeled into private accounts, an action sanctioned by Mses Edu and Farouq in their capacity as ministers.
Ms Farouq, who oversaw the Ministry of Humanitarian Affairs, Disaster Management, and Social Development under the previous administration, is also being investigated for mismanagement of at least N37 billion in public funds set aside for then-President Muhammadu Buhari’s conditional cash transfer programme.
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The large-scale movement of funds into private accounts was aided by a possible deliberate failure to flag questionable transactions, which banks are required to do under several anti-financial crime laws and Central Bank guidelines, according to The Gazette sources.
The banks did not immediately react to The Gazette’s request for comment on their CEOs’ imprisonment.
Dele Oyewale, an EFCC spokesman, declined to comment on the case. Meanwhile, Ms Edu has stated that her hands are clean and that she is devoted to fighting corruption in the wake of the controversy over her illegal request to wire monies into a private account. Ms Edu made the assertion in a Facebook post targeted to Npower beneficiaries.
READ ALSO: EFCC grills suspended minister Edu over alleged 585m disbursement fraud
“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,” Ms Edu said.
She 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.”
There have been several financial corruption investigations since President Bola Tinubu assumed power, resulting in the detention of prominent figures like the disgraced CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa.
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