ABUJA,, Nigeria (VOICE OF NAIJA) – Reports just filtering in have it that the Economic and Financial Crimes Commission (EFCC) has arrested the CEOs of Providus, Zenith and Jaiz banks in connection with the financial misappropriation and fraud linked to ousted Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.
People’s Gazette reports that the banking executives had been under stealth scrutiny since the public outcry over the diversion of public funds into private accounts, and are now in EFCC custody.
Multiple credible sources within the Presidency confirmed the arrest on Tuesday, 9 January, 2024, stating that the anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action sanctioned by Mses Edu and Farouq using their position as ministers.
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It was also gathered that Ms Farouq, who oversaw the Ministry of Humanitarian Affairs, Disaster Management and Social Development under the previous administration, is also under investigation for the mismanagement of at least N37 billion in public funds designated for the conditional cash transfer programme 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 banks bear under various anti-financial crime laws and Central Bank directives, the sources told The Gazette.
As at the time this report was published, the banks did not immediately respond to requests for comments regarding their CEOs’ detention.