Banks Chiefs Quizzed Over Alleged Financial Scandal at Humanitarian and Poverty Alleviation Ministry

Meanwhile, Chief Executive Officers of Zenith Bank, Providus Bank and Jaiz Bank have been quizzed by the Economic and Financial Crimes Commission (EFCC), in the ongoing investigations into the alleged financial scandal in the ministry of humanitarian affairs and poverty alleviation.

The suspended minister in the ministry, Dr. Beta Edu, and her predecessor, Shadiyat Umar Farouk, are being interrogated by the anti-graft agency over the alleged misappropriation of billions of naira in the federal government’s poverty alleviation intervention programs.

The bank chief executive officers on Tuesday, honored the invitation extended to them to throw more light into the alleged diversion of public fund into the private accounts of some people.

The banks chiefs were allowed to go home after some hours.

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The EFCC is dissecting a web of suspicious transactions involving hefty sums of public money funnelled into private accounts, allegedly approved by Edu and Farouq leveraging their ministerial positions.

Farouq, who led the Ministry of Humanitarian Affairs under the previous administration of Muhammadu Buhari, is additionally accused of mismanagement of N37 billion earmarked for the conditional cash transfer program during President Buhari’s tenure.

The source revealed that a potential deliberate lapse in flagging suspicious activity by the banks – a crucial responsibility mandated by anti-financial crime laws and Central Bank directives – played a critical role in the brazen misappropriation of public funds.

EFCC Spokesperson, Dele Oyewale was not reachable to confirm the development as at press time.