Banking & Finance

N585M Fraud: Zenith Bank CEO, Two Others Arrested By EFCC Over Fraud…

Zenith Bank CEO Ebenezer Onyeagwu alongside Providus Bank and Jaiz Bank CEOs, Walter Akpani and Haruna Musa respectively, have been allegedly arrested by the EFCC.

BrandNewsDay reports indicated that the bank CEOs’ arrest is not unconnected to the Economic and Financial Crimes Commission’s fraud investigation into suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.

It was learnt that the bank chiefs were arrested after the EFCC conducted discreet investigations into the banks’ links with Edu and Umar-Farouk.

Advertisement

Peoples Gazette reported that the anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action sanctioned by the minister and her predecessor.

While Edu is under scrutiny over alleged N44 billion fraud, including an N585 million funds transfer into a private account, Umar-Farouq is being investigated over misappropriation of at least N37 billion public funds earmarked for the conditional cash transfer programme of then-President Muhammadu Buhari.

Gazette reported that the transfer of huge sums 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.

Advertisement

Neither the banks nor the EFCC has confirmed the arrest of the prominent bank chiefs.

Facebook Comments
Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.