Bettagate: EFCC Arrests CEOs Of Zenith, Providus, Jaiz Banks In Connection With Alleged N585Million Fraud

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News Investigators/ The Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks have been arrested by the Economic and Financial Crimes Commission (EFCC) in connection with the ongoing investigation of the alleged diversion of N585 million humanitarian fund by the suspended minister of Humanitarian Affairs, Betta Edu.

Mrs Edu and her predecessor in office, Sadiya Umar-Farouq are currently being investigated by the anti-graft agency over sweeping allegations bothering on embezzlement.

The affected CEOs are: Ebenezer Onyeagwu (Zenith Bank), Haruna Musa (Jaiz Bank), and Walter Akpani (Providus Bank).

A report published by The Guardian quoted anonymous sources who confirmed the development on Tuesday.

According to the source, the banking executives, long suspected of facilitating the improper diversion of public funds into private accounts, are now facing the music within the confines of EFCC custody.

The anti-graft agency is dissecting a web of suspicious transactions involving hefty sums of public money funnelled into private accounts, allegedly approved by Mrs Edu and Mrs Farouq leveraging their ministerial positions.

Mrs. Farouq, who led the Ministry of Humanitarian Affairs under the previous administration of Muhammadu Buhari, is additionally accused of mismanagement of N37 billion earmarked for the conditional cash transfer program during President Buhari’s tenure.

The source revealed that a potential deliberate lapse in flagging suspicious activity by the banks – a crucial responsibility mandated by anti-financial crime laws and Central Bank directives – played a critical role in the brazen misappropriation of public funds.

EFCC Spokesperson, Dele Oyewale was not reachable to confirm the development as at press time.

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