The Chief Executive officers, CEOs of Zenith, Providus, Jaiz CEOs have been arrested by the Economic and Financial Crimes Commission, EFCC over involvement in Betta Edu, Sadiya Umar-Farouk alleged fraud.
There have been several corruption investigations since President Bola Tinubu assumed power.
The banking executives, who have been under stealth scrutiny since the public outcry over the unscrupulous diversion of public funds into private accounts, are now in EFCC custody
The anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action sanctioned by Mses Edu and Farouq using their position as ministers.
Ms Farouq, who oversaw the Ministry of Humanitarian Affairs, Disaster Management and Social Development under the previous administration, is also 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 large-scale movement 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, the sources told The Gazette.
The banks did not immediately respond to The Gazette’s requests for comments regarding their CEOs’ detention.
