In a stunning turn of events, the Economic and Financial Crimes Commission (EFCC) has reportedly apprehended the chief executive officers of Zenith, Providus, and Jaiz banks. The arrest is linked to alleged financial misappropriation and fraud, with ties reaching the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.
Sources within the Presidency revealed that these banking executives had been under discreet scrutiny amid public outrage over the dubious diversion of public funds into private accounts. Currently held in EFCC custody, the CEOs are subjects of an ongoing investigation into multiple instances of substantial public funds being redirected into private coffers, allegedly orchestrated by Edu and Farouq during their ministerial tenures.
Sadiya Umar-Farouk, the former overseer of the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, is not only implicated in financial misappropriation but is also under scrutiny for the alleged mismanagement of at least N37 billion earmarked for the conditional cash transfer program during President Muhammadu Buhari’s previous administration.
The investigation has shed light on a potential deliberate oversight in flagging suspicious transactions by the banks, a responsibility mandated by various anti-financial crime laws and Central Bank directives. This lapse reportedly facilitated the large-scale movement of funds from public coffers into private accounts.
Despite the gravity of the situation, the banks involved have yet to respond to inquiries regarding the detention of their CEOs. EFCC spokesman Dele Oyewale deftly sidestepped inquiries into the matter, maintaining an air of secrecy around the unfolding investigation.
This development adds to a series of financial corruption investigations since President Bola Tinubu assumed power, leading to the detention of notable figures such as the disgraced former CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa. As the nation grapples with the ramifications of these revelations, the EFCC’s crackdown serves as a stark reminder of the relentless pursuit of justice against corruption at the highest levels.