The Economic and Financial Crimes Commission (EFCC) has reportedly apprehended the Chief Executive Officers of Zenith, Providus, and Jaiz banks.
The high-profile arrests are said to be linked to financial misappropriation and fraud, with connections to the President Bola Tinubu Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.
Multiple credible sources within the Presidency have confirmed that the banking executives are currently in EFCC custody, according to reports.
The anti-corruption agency is delving into various cases involving the diversion of substantial public funds into private accounts, allegedly orchestrated by Edu and Farouq exploiting their positions as ministers.
Sadiya Umar-Farouk, who previously oversaw the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, is also under investigation for the alleged mismanagement of at least N37 billion in public funds earmarked for the conditional cash transfer program during President Muhammadu Buhari’s tenure.
The investigation has shed light on the large-scale movement of funds into private accounts, partly attributed to a potential oversight in flagging suspicious transactions by banks—a responsibility mandated by various anti-financial crime laws and Central Bank directives. The unfolding scandal underscores the urgent need for heightened scrutiny and accountability in the financial sector.
