Zenith, Providus, Jaiz Banks CEOs Land In EFCC’s Net Over Humanitarian Affairs Ministry’s Financial Scandals

The alleged financial fraud in the Ministry of Humanitarian Affairs and Poverty Alleviation has landed the Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks in the net of the Economic and Financial Crimes Commission (EFCC).

The bank chiefs were allegedly arrested in connection with financial misappropriation and fraud linked to the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.

READ ALSO: Zenith Bank Achieves Distinction As Sole Nigerian Brand On World Finance 100 Listing For 2023

The banking executives are currently in EFCC custody, multiple credible sources within the Presidency confirmed on Tuesday.

It would be recalled that the EFCC is investigating numerous instances of substantial public funds directed into private accounts, an action sanctioned by Edu and Farouq using their position as ministers.

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.

READ ALSO: ZENITH BANK CAPS STELLAR Q3 2023 PERFORMANCE WITH TRIPLE-DIGIT GROWTH IN TOPLINE AND BOTTOM LINE

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.