The CEOs of Zenith, Providus, and Jaiz banks have been questioned by the Economic and Financial Crimes Commission (EFCC) regarding their knowledge of the financial misappropriation charges against the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk. The top bankers were at the EFCC offices on Tuesday to provide information on the matter.
Zenith Bank’s CEO, Ebenezer Onyeagwu, was allowed to leave after answering preliminary questions from anti-graft detectives, but it remains unclear whether he will be returning for additional sessions. The EFCC is currently investigating numerous instances of substantial public funds being directed into private accounts, allegedly sanctioned by Ms. Edu and Farouq during their tenure 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 the mismanagement of at least N37 billion in public funds designated for the conditional cash transfer program of then-President Muhammadu Buhari. The large-scale movement of funds into private accounts was partly facilitated by a potential deliberate oversight in flagging suspicious transactions, a responsibility that banks bear under various anti-financial crime laws and Central Bank directives, according to sources.
A spokesperson for Providus Bank confirmed that the matter is “under review” without providing further details in an email on Tuesday evening. Jaiz Bank did not respond to a request for comment.
EFCC spokesperson Dele Oyewale did not comment on the matter when approached on Tuesday evening.
In response to the controversy surrounding her alleged illegal request to wire funds into a private account, Minister of Humanitarian Affairs and Poverty Alleviation Betta Edu maintains her innocence and is committed to fighting corruption.
The anti-graft agency is currently investigating numerous instances of substantial public funds being directed into private accounts, an action allegedly sanctioned by Ms. Edu and her predecessor, Sadiya Umar-Farouk, while they held their ministerial positions.
Ms. Farouq, who previously oversaw the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, is also being investigated for the mismanagement of at least N37 billion in public funds designated for the conditional cash transfer program of then-President Muhammadu Buhari.
The large-scale movement of funds into private accounts was partly facilitated by a potential deliberate oversight in flagging suspicious transactions, a responsibility that banks have under various anti-financial crime laws and Central Bank directives, according to sources.
EFCC spokesperson Dele Oyewale did not comment on the matter when approached on Tuesday evening. In response to the controversy surrounding her alleged illegal request to wire funds into a private account, Minister of Humanitarian Affairs and Poverty Alleviation Betta Edu maintains her innocence and is committed to fighting corruption.
JOHNDAVIDSONWRITES
Let’s hope that someday we can fight the cancer of corruption that is eating up our system and depriving young people of their future 🙏🏿