CEM REPORT, FINANCE | Following the recent development in the ongoing investigation into the ₦44.5 billion fraud at the Ministry of Humanitarian Affairs and Poverty Alleviation, which is the summon of Chief Executive Officers (CEOs) of three major banks – Zenith Bank, Providus Bank, and Jaiz Bank by the Economic and Financial Crimes Commission (EFCC), Zenith Bank has issued a clarifying statement.
Zenith Bank issued a statement today clarifying its CEO’s presence at the EFCC headquarters, stating that they were simply providing documents related to accounts operated by the Ministry, “to assist the agency in its investigation of the Ministry.”
According to a report by Leadership, the EFCC had invited the chief executives of Zenith, Providus and Jaiz banks in connection with the N44.5 billion fraud uncovered in the ministry involving Edu, Umar-Farouk and Halima Shehu.
The EFCC sources said the executives are being “grilled” regarding the alleged embezzlement, citing “new revelations” during separate interrogations of suspended Minister Betta Edu and former National Social Investment Programme Agency (NSIPA) chief Halima Shehu.
“The CEOs and MDs of Zenith Bank, Providus Bank, and Jaiz Bank are currently being grilled by our interrogators here at the headquarters.
“They were invited and are being probed in connection with the uncovered ₦44bn fraud and the ₦585million involving Halima Shehu and Betta Edu. ” stated an EFCC source. “Both the suspended minister and the coordinator have made new revelations during their interrogations, and the investigation is still ongoing.”
Zenith Bank has however clarified that its boss only has gone to present documents relating to accounts operated by the Ministry of Humanitarian Affairs to help the anti-graft agency in its investigations of the Ministry.
This investigation unfolds on the heels of allegations against Edu and Sadiya Umar-Farouq, the suspended co-ordinator and chief executive officer of the National Social Investment Programme Agency domiciled in the Ministry of Humanitarian Affairs and Poverty Alleviation, for authorizing the illegal diversion of public funds into private accounts.
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Farouq, who oversaw the Ministry of Humanitarian Affairs, Disaster Management and Social Development under the previous administration, is under investigation for the mismanagement of at least N37 billion in public funds designated for the conditional cash transfer programme of then-President Muhammadu Buhari.
“The anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action sanctioned by Edu and Farouq using their position as ministers,” the source added.
Edu and Farouq have been alleged to have used their positions to divert public funds to private accounts, prompting the EFCC to scrutinize transactions through various banks, including Zenith, Providus, and Jaiz.
The grilling of bank executives and new revelations from Edu and Shehu could be a turning point in the investigation, potentially leading to the recovery of stolen funds and the prosecution of those involved.
