Zenith Bank GMD, Jaiz Bank MD not arrested, detained by EFCC

BrandPower Magazine 11/01/2024Last Updated: 11/01/2024

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Zenith Bank GMD, Jaiz Bank, MD, not arrested, detained, EFCC

Zenith Bank has dismissed the alleged arrest and detention of its Group Managing Director, Mr Ebenezer Onyeagwu, by the Economic and Financial Crimes Commission (EFCC).

The bank’s Company Secretary/General Counsel, Mr Michael Otu, said this in a statement made available to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos.

In the same vein, Jaiz Bank in a statement in Abuja yesterday, clarified that the anti-graft agency only requested some documents for its ongoing investigation on the activities of the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

According to the bank, the MD only went to the EFCC, on Tuesday, to submit the said documents, had an interaction with the officials and promptly returned to his office.

BRANDPOWER reports that an unverified report was circulated in some quarters of the media on Tuesday that Onyeagwu and managing directors of Jaiz Bank and Providus Bank were invited and etained by the EFCC.

It was said to be in connection with an alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

Otu stated that the report was entirely false as the GMD was not arrested or detained by the EFCC or any other anti-graft agency.

He said that Onyeagwu is currently fulfilling his duties at the bank, and not in detention.

“We wish to clarify that these report are entirely false.

“We are issuing this public statement to dispel the misinformation and ensure that the public and stakeholders are adequately informed,” he said.

According to Otu, Zenith Bank remains dedicated to upholding highest standards of banking and financial services.

Jaiz Bank described as untrue, news items on some media platforms, insinuating that the MD was arrested.

It said, “The bank would like to place on record that yesterday Jaiz Bank at the request of the EFCC has submitted some documents relating to accounts opened by the Ministry of Humanitarian Affairs and Poverty Alleviation to help the agency in its investigations of the activities of the Ministry. The interaction was very cordial and Jaiz Bank MD immediately resumed back to his duties.

“It’s instructive to state that Jaiz Bank in October 2023 was among the financial institutions that were selected by the Ministry as a participating financial institution for the various intervention programs of the Federal Government of Nigeria after a competitive bid, in line with the FGN procurement act.