The Economic and Financial Crimes Commission (EFCC) has taken into custody the Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks as part of an extensive investigation into an embezzlement scheme reportedly involving former and current Ministers of Humanitarian Affairs, Betta Edu and Sadiya Umar-Farouq.
The arrested CEOs are identified as Dr. Ebenezer Onyeagwu (Zenith Bank), Haruna Musa (Jaiz Bank), and Walter Akpani (Providus Bank). Sources close to The Guardian, who spoke on the condition of anonymity, disclosed that the arrests were carried out on Tuesday. According to the unnamed sources, the banking executives have long been under suspicion for their alleged role in diverting public funds into private accounts. They are now held in EFCC custody as the anti-graft agency investigates a complex network of transactions involving substantial amounts of public money, purportedly approved by Edu and Farouq leveraging their ministerial positions. Sadiya Umar-Farouq, who previously headed the Ministry of Humanitarian Affairs in the administration of Muhammadu Buhari, faces additional allegations of mismanagement of N37 billion allocated for the conditional cash transfer program during President Buhari’s tenure. The source also revealed that the banks might have played a significant role in the misappropriation of public funds by potentially failing to flag suspicious activities, a critical responsibility mandated by anti-financial crime laws and Central Bank directives. As of press time, EFCC spokesperson Dele Oyewale was unavailable to confirm the developments.
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