BREAKING: EFCC Grills Zenith, Providus, Jaiz Banks CEOs Over Fund Fraud Allegations Against Ministers Betta Edu, Umar-Farouk

CEOs of Zenith, Providus, and Jaiz banks have found themselves under the scrutiny of the Economic and Financial Crimes Commission (EFCC) as part of an investigation into alleged financial misappropriation involving Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.

VerseNews reports that the high-ranking bankers, including Zenith Bank’s CEO Ebenezer Onyeagwu, were summoned to the EFCC offices on Tuesday to provide insight into their knowledge of the charges.

A source close to the investigation told the PUNCH that “They were invited and are being probed in connection with the uncovered ₦44bn fraud and the ₦585million involving Halima Shehu and Betta Edu.

“The suspended minister and the coordinator have both made new revelations during their interrogations, and the investigation is still ongoing.”

While Onyeagwu was allowed to leave after initial questioning, the ongoing probe focuses on substantial public funds directed into private accounts, authorized by Edu and Umar-Farouk during their ministerial roles.

Umar-Farouk is additionally under investigation for the mismanagement of N37 billion designated for the conditional cash transfer program.

The investigation suggests a potential oversight in flagging suspicious transactions by banks, raising questions about compliance with anti-financial crime laws and Central Bank directives.

Meanwhile, Edu maintains her innocence, assuring Npower beneficiaries in a Facebook post that her hands are clean, amidst growing concerns and her recent suspension. The EFCC, known for recent high-profile detentions, remains tight-lipped about the ongoing investigation.