The Economic and Financial Crimes Commission (EFCC) is currently interrogating the Chief Executive Officers (CEOs) and Managing Directors of Zenith Bank, Providus Bank, and Jaiz Bank in connection with an alleged ₦44 billion fraud within the Ministry of Humanitarian Affairs and Poverty Alleviation.
According to sources, senior bank executives are currently being questioned by EFCC interrogators at the commission’s headquarters in Jabi, Abuja, as of 4.55 pm on Tuesday.
The probe also extends to the suspended Minister of Humanitarian Affairs, Betta Edu, who is facing scrutiny over a ₦585 million scandal. Additionally, Halima Shehu, the embattled Coordinator and CEO of the National Social Investment Programme Agency (NSIPA) domiciled in the Ministry of Humanitarian Affairs and Poverty Alleviation, is under investigation for an alleged ₦44 billion fraud.
An EFCC source confirmed the investigation into the senior bank executives, stating that Zenith, Providus, and Jaiz banks are being questioned in connection with the ₦44.5 billion fraud uncovered within the ministry involving Edu and Shehu.
“The CEOs and MDs of Zenith Bank, Providus Bank, and Jaiz Bank are currently being grilled by our interrogators here at the headquarters,” the source disclosed. “They were invited and are being probed in connection with the uncovered ₦44 billion fraud and the ₦585 million involving Halima Shehu and Betta Edu. The suspended minister and the coordinator have both made new revelations during their interrogations, and the investigation is still ongoing.”
Edu’s suspension came following allegations of a ₦585 million cash transfer saga, prompting President Bola Tinubu to order a comprehensive investigation into her ministry’s activities.
Sadiya Farouq, Edu’s predecessor, faced EFCC interrogators on Monday over allegations of laundering ₦37.1 billion during her tenure as a minister in former President Muhammadu Buhari’s cabinet.
Shehu had previously been arrested in connection with an alleged ₦44 billion money laundering scheme and was mandated to report to the EFCC daily after her release.
The NSIPA Coordinator was arrested and taken into EFCC custody Tuesday night following her suspension.
It has been learned that the ₦44 billion was suspiciously transferred from NSIPA’s accounts into private and corporate accounts linked to individuals acting as fronts.
Dele Oyewale, the EFCC spokesperson, confirmed Shehu’s release but stated, “Halima Shehu has been released, but she is still answering to our interrogators, and she has been mandated to meet with investigators every day as the investigation is ongoing. Concerning reports on the ₦44 billion and ₦30 billion making the rounds, the commission is still tracing all the suspicious transactions, her agency was under the Ministry of Humanitarian Affairs too. There’s a lot of money involved because the Ministry and agencies are focused on interventions. Hence, we can’t put a figure to all of the transactions now because the commission is still tracing the transactions.”
