Betta Edu: Zenith Bank Breaks Silence Over Alleged Arrest Of MD By EFCC

Zenith Bank Plc has denied the alleged arrest of its Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, by the Economic and Financial Crimes Commission over the alleged fraud by the suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Farouq.

The lender was reportedly named as one of the banks that their MDs/CEOs were summoned in connection with the alleged N585m fraud linked to the embattled minister, Edu, and another N37.1bn allegedly laundered under Farouq.

Jaiz Bank Plc and Providus Bank Chief Executives were allegedly roped in the scandal and invited by the anti-graft agency.

But Zenith Bank in a filing to regulators and other stakeholders denied any wrongdoing and involvement in the alleged fraud.

However, the bank did not state the extent of its relationship with the Humanitarian Affairs Ministry.

Zenith Bank said, “We have become aware of inaccurate reports circulating on social media and certain news outlets alleging that Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, was arrested and held by the EFCC on January 9, 2024, in connection with an alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

“We wish to clarify that these reports are entirely false. The Group Managing Director was not arrested or detained by the EFCC or any other anti-graft agency and is currently fulfilling his duties at the bank.

“We are issuing this public statement to dispel the misinformation and ensure that the public and our stakeholders are accurately informed.”

THE WHISTLER had reported that Jaiz Bank also denied involvement in any suspicious project or deal with the ministry, saying that the project account opened by the ministry was not funded.

A statement from Jaiz Bank suggests that the Humanitarian Ministry in October 2023 selected some financial institutions as participating financial institutions for the various intervention programs of the Federal Government of Nigeria.