The Economic and Financial Crimes Commission (EFCC) has taken into custody the chief executive officers (CEOs) of Zenith, Providus, and Jaiz banks on allegations of financial misappropriation and fraud.

The investigation is linked to the disgraced Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, as well as her predecessor, Sadiya Umar-Farouk.

Sources within the Presidency have revealed that the banking executives were subjected to covert investigations following public outrage over the diversion of public funds into private accounts. The CEOs are currently being held by the EFCC.

The anti-graft agency is examining multiple cases where significant amounts of public funds were allegedly channeled into private accounts, with the approval of Edu and Farouk during their tenure as ministers. Farouk is also under investigation for the mismanagement of approximately N37 billion in public funds intended for President Muhammadu Buhari’s conditional cash transfer program.

The movement of funds into private accounts appears to have been facilitated by a potential failure to report suspicious transactions, a requirement mandated by anti-financial crime laws and Central Bank guidelines, according to sources cited by The Gazette.

The banks involved have not yet responded to The Gazette’s request for comment on the imprisonment of their CEOs. An EFCC spokesperson, Dele Oyewale, declined to provide any comments on the case.

In response to the controversy surrounding her illegal request to transfer funds into a private account, Edu has asserted her innocence and expressed her commitment to combating corruption. In a Facebook post directed at Npower beneficiaries, she urged them to remain calm and resilient, emphasizing that she is dedicated to fighting corruption. She cautioned that individuals with impure intentions may use government machinery against them and encouraged them to stay strong.

Under President Bola Tinubu’s administration, there have been numerous investigations into financial corruption, leading to the detention of prominent figures such as the disgraced CBN governor, Godwin Emefiele, and EFCC chair, Rasheed Bawa.