TheCable

Zenith Bank has debunked reports that Ebenezer Onyeagwu, its group managing director (GMD), was arrested in connection with alleged fraud at the ministry of humanitarian affairs and poverty alleviation.

On January 9, 2024, there were media reports that the Economic and Financial Crimes Commission (EFCC) detained the CEOs of Zenith, Jaiz and Providus Banks.

Some other reports said the top executives were at the EFCC to present account documents of the humanitarian affairs and poverty alleviation ministry.

But in a statement on Wednesday, Michael Otu, Zenith Bank company secretary and general counsel, said the reports are “entirely false and inaccurate”.

“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,” Otu said.

“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 ministry of humanitarian affairs and poverty alleviation has been under probe over fraudulent transactions and misappropriation of funds.

Betta Edu, the minister of the ministry, was suspended by President Bola Tinubu on January 8 after she came under fire over a memo that surfaced wherein she asked Oluwatoyin Madein, accountant-general of the federation, to transfer the sum of N585 million to a private account.

In her defence, the minister said the payment instruction followed due process, even though the accountant-general of the federation said she did not carry out the minister’s request because no bulk money “is supposed to be made to an individual’s account in the name of Project Accountant”.

Edu, who is under investigation by the EFCC. had also approved the payment of flight fares for staff to Kogi, even though the north-central state has no airport to its name.

Meanwhile, on December 26, 2023, Sadiya Umar Farouq, former minister of humanitarian affairs, disaster management, and social development, denied link to a N37 billion fraud.

Farouq has also been grilled for alleged fraud and financial misappropriation charges.