The Chief Executive officers of Providus and Jaiz Banks have been arrested by the Economic and Financial Crimes Commission, EFCC, over involvement in the financial scandal rocking the Federal Ministry of Humanitarian Affairs and Disaster Management under its suspended minister, Betta Edu and her predecessor, Sadiya Umar-Farouk.
The banking executives, who have been under stealth scrutiny since the public outcry over the unscrupulous diversion of public funds into private accounts, are now in EFCC custody.
The anti-graft agency is presently probing numerous instances of substantial public funds directed into private accounts, an action allegedly perpetrated by Edu and Farouq using their position as ministers.
Ms Farouq, who oversaw the Ministry of Humanitarian Affairs, Disaster Management and Social Development under the previous administration, is also under investigation for the mismanagement of at least N37 billion in public funds designated for the conditional cash transfer programme of then-President Muhammadu Buhari.
