Just In: EFCC Reportedly Detains Zenith, Providus, Jaiz Banks’ CEOs In Connection To Betta Edu And Sadiya Farouq Case

The arrests are said to be linked to financial misappropriation and fraud involving the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.

Multiple credible sources within the Presidency have confirmed that the banking executives are now in EFCC custody. The investigation is focused on instances of substantial public funds directed into private accounts, allegedly sanctioned by Edu and Farouq in their ministerial roles.

Farouq is also under scrutiny for the mismanagement of N37 billion designated for a conditional cash transfer program during the previous administration.

The movement of funds into private accounts was reportedly facilitated by potential oversights in flagging suspicious transactions by banks, as required by anti-financial crime laws and Central Bank directives