The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks.
Their arrest is part of a wide-ranging investigation into a corruption scheme involving former and current Ministers of Humanitarian Affairs, Betta Edu and Sadiya Umar-Farouk.
The CEOs who have been affected are Dr. Ebenezer Onyeagwu from Zenith Bank, Haruna Musa from Jaiz Bank, and Walter Akpani from Providus Bank.
Multiple high-level sources within the Presidency, who spoke on the condition of anonymity, confirmed the arrests on Tuesday.
The banking executives have long been suspected of facilitating the improper diversion of public funds into private accounts, and now they are facing the consequences within the custody of the EFCC.
The anti-graft agency is currently investigating a series of suspicious transactions involving large amounts of public money that were funneled into private accounts, allegedly with the approval of Dr. Edu and Farouq, who used their ministerial positions for this purpose.
Ms. Farouq, who was in charge of the Ministry of Humanitarian Affairs during the previous administration of Muhammadu Buhari, is facing allegations of mismanaging N37 billion that was meant for the conditional cash transfer program while President Buhari was in office.
According to sources, the banks may have failed to properly report suspicious activity, which is a crucial requirement under anti-financial crime laws and Central Bank directives.
The failure played a significant role in the blatant misuse of public funds. Efforts to get comments from the CEOs of the banks involved have not been successful so far.
