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JUST IN: EFCC Arrests Zenith, Providus, Jaiz CEOs Over Alleged Fraud Tied To Betta Edu And Sadiya Umar-Farouk
EFCC Arrests Zenith, Providus, Jaiz CEOs Over Alleged Fraud Tied To Betta Edu And Sadiya Umar-Farouk....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
In a significant development, the CEOs of Zenith, Providus, and Jaiz banks have been apprehended by the Economic and Financial Crimes Commission (EFCC). The arrests are linked to investigations into financial misappropriation and fraud involving the disgraced Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk. CoNTINUE READING
Multiple credible sources within the Presidency informed Peoples Gazette on Tuesday that the banking executives, who have been under stealth scrutiny since public outcry over the alleged diversion of public funds into private accounts, are now in EFCC custody.
The anti-graft agency is currently probing numerous instances of substantial public funds directed into private accounts with the involvement of Edu and Farouk using their positions as ministers. Sadiya Umar-Farouk, the former overseer of the Ministry of Humanitarian Affairs, Disaster Management and Social Development, is also under investigation for the mismanagement of at least N37 billion designated for the conditional cash transfer programme.
The movement of funds into private accounts was allegedly facilitated by a potential deliberate oversight in flagging suspicious transactions, a responsibility banks bear under various anti-financial crime laws and Central Bank directives.
As of now, the banks involved have not responded to requests for comments regarding their CEOs’ detention. The EFCC spokesman, Dele Oyewale, sidestepped inquiries into the matter.
Meanwhile, Betta Edu, in a Facebook post addressed to Npower beneficiaries, has asserted her innocence and commitment to fighting corruption amid the controversy over her alleged illegal request to wire funds into a private account.
“Dear Npower Beneficiaries, I want to assure you all to remain calm and steadfast amidst the recent accusations and suspension I am facing. My heart and hands are clean, and I am committed to fighting corruption,” Edu stated in the post.
She added, “It’s essential to be aware that some individuals with impure intentions may use government machinery against you. Stay strong, and together, we will navigate through these challenges.”
The recent arrests mark another significant development in the series of financial corruption investigations initiated since President Bola Tinubu assumed power, resulting in the detention of prominent figures such as the disgraced CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa.
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