Funds Scandal : EFCC Goes Tough, Arrest CEO of Zenith, Providus, Jaiz Banks as Regards Involvement in Betta Edu, Sadiya Umar- Farouk Fraud

The Economic and Financial Crimes Commission (EFCC) has apprehended the Chief Executive Officers of Zenith, Providus, and Jaiz banks. This move is in connection with financial misappropriation and fraud linked to the controversial Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.

Multiple credible sources within the Presidency revealed that the banking executives had been under stealth scrutiny since public outrage erupted over the alleged diversion of public funds into private accounts. The CEOs are now in EFCC custody, as confirmed by reliable sources on Tuesday.

The ongoing investigation by the anti-graft agency focuses on numerous instances of substantial public funds being directed into private accounts, reportedly authorized by Edu and Farouq during their tenures as ministers.

Sadiya Umar-Farouk, who previously oversaw the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, is also under scrutiny for the alleged mismanagement of at least N37 billion designated for the conditional cash transfer program during the administration of President Muhammadu Buhari.

Sources suggest that the large-scale movement of funds into private accounts was facilitated, in part, by a potential deliberate oversight in flagging suspicious transactions, a responsibility mandated by various anti-financial crime laws and Central Bank directives.

Despite attempts to reach out for comments, the banks involved did not immediately respond to inquiries. EFCC spokesman Dele Oyewale sidestepped inquiries into the matter as well.

Meanwhile, Betta Edu has maintained her innocence, addressing Npower beneficiaries in a Facebook post. She urged them to remain calm amidst the accusations and suspensions, asserting her commitment to fighting corruption. Edu also cautioned against potential misuse of government machinery for personal gain.

This arrest follows a series of financial corruption investigations initiated since President Bola Tinubu assumed power, leading to the detention of prominent figures, including the disgraced former CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa. The government’s crackdown on corruption appears relentless, signaling a commitment to accountability and transparency.