Funds Scandal : EFCC quizzes CEO of Zenith Bank, others as Regards Involvement in Betta Edu,Sadiya Umar- Farouk Fraud

The Economic and Financial Crimes Commission is currently interrogating Chief Executive Officers and Managing Directors of Zenith Bank, Providus Bank, and Jaiz Bank in connection with the over N44 billion fraud allegedly uncovered in the Ministry of Humanitarian Affairs.

This move is in connection with financial misappropriation and fraud linked to the controversial Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.Multiple credible sources within the Presidency revealed that the banking executives had been under stealth scrutiny since public outrage erupted over the alleged diversion of public fund. The ongoing investigation by the anti-graft agency focuses on numerous instances of substantial public funds being directed into private accounts, reportedly authorized by Edu and Farouq during their tenures as ministers. Sadiya Umar-Farouk, who previously oversaw the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, is also under scrutiny for the alleged mismanagement of at least N37 billion designated for the conditional cash transfer program during the administration of President Muhammadu Buhari.Sources suggest that the large-scale movement of funds into private accounts was facilitated, in part, by a potential deliberate oversight in flagging suspicious transactions, a responsibility mandated by various anti-financial crime laws and Central Bank directives.Despite attempts to reach out for comments, the banks involved did not immediately respond to inquiries. EFCC spokesman Dele Oyewale sidestepped inquiries into the matter as well.Meanwhile, Betta Edu has maintained her innocence, addressing Npower beneficiaries in a Facebook post. She urged them to remain calm amidst the accusations and suspensions, asserting her commitment to fighting corruption. Edu also cautioned against potential misuse of government machinery for personal gain.This arrest follows a series of financial corruption investigations initiated since President Bola Tinubu assumed power, leading to the detention of prominent figures, including the disgraced former CBN governor Godwin Emefiele and EFCC chair Rasheed Bawa. The government’s crackdown on corruption appears relentless, signaling a commitment to accountability and transparency.