Betta Edu Scandal: Humanitarian Affairs Ministry Didn’t Fund Project Account Opened With Us—Jaiz Bank

Twenty-four hours after reports broke that the Managing Director of Jaiz Bank was arrested by the Economic and Financial Crimes Commission, the bank has clarified that there was no such arrest.

Jaiz Bank said in a statement issued on Wednesday and made available to THE WHISTLER stated that at the request of the EFCC, it submitted some documents relating to accounts opened by the Ministry of Humanitarian Affairs and Poverty Alleviation to help the agency in its investigations of the activities of the Ministry.

The interaction, according the statement, was cordial adding that the Jaiz Bank MD immediately resumed back to his duties.

The bank added in the statement that in October 2023, it was among the financial institutions that were selected by the Ministry as a participating financial institution for the various intervention programs of the Federal Government of Nigeria after a competitive bid, in line with the Federal Government Procurement Act.

The bank, in the statement noted, was formerly instructed to open a project account by the Ministry but is yet to receive any funding into the account.

The statement reads, “The attention of Jaiz Bank Plc has been drawn to headlines in some sections of the media particularly social media platforms insinuating that some banks’ MDs including that of Jaiz have been arrested by the Economic and Financial Crimes Commission (EFCC).

“The Bank would like to place on record that yesterday Jaiz Bank at the request of the EFCC has submitted some documents relating to accounts opened by the Ministry of Humanitarian Affairs and Poverty Alleviation to help the agency in its investigations of the activities of the Ministry. The interaction was very cordial and Jaiz Bank MD immediately resumed back to his duties.

“It’s instructive to state that Jaiz Bank in October 2023 was among the financial institutions that were selected by the Ministry as a participating financial institution for the various intervention programs of the Federal Government of Nigeria after a competitive bid, in line with the FGN procurement act.

“The Bank was formerly instructed to open a project account by the Ministry but is yet to receive any funding into the account.

“Jaiz Bank remains committed to contributing to the growth and development of the Nigerian economy through the provision of alternative financing options in an ethical and professional manner.”