Zenith Bank Pls denies the arrest of its Managing Director

Zenith Bank Plc has denied reports that its Managing Director, Ebenezer Onyeagwu was arrested by the Economic and Financial Crimes Commission (EFCC).

In accordance with a record issued by the lender, it noted that the reports of the arrest were “entirely false”

On January 9, some news platforms, not Nairametrics, noted that the Managing Directors of Zenith Bank, Providus Bank, Unity Bank, and Jaiz Bank were arrested by the EFCC in the experience of the ongoing investigation into the financial misappropriation charges levelled by the former Minister of the Humanitarian Affairs and Poverty Alleviation, Sadiya Umar-Farouk and her successor Betta Edu.

However, other news platforms, not Nairametrics, also claimed that the lender MDs weren’t arrested but were being quizzed by the EFCC with regard to the case.

What the statement revealed

• “We’ve become conscious of inaccurate reports circulating on social networking 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 the experience of the alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.”
• “We need to clarify these reports are entirely false. The Group Managing Director wasn’t arrested or detained by the EFCC or some other anti-graft agency and happens to be fulfilling his duties at the bank.”
• “We’re issuing this public statement to dispel the misinformation and make sure that people and our stakeholders are accurately informed.”
• “Zenith Bank remains focused on upholding the best standards of banking and financial services”

What you need to know

The Ministry of Humanitarian Affairs and Poverty Alleviation happens to be embroiled in a corruption scandal that’s generated the suspension of its Minister, Betta Edu, in addition to the Chief Executive Officer of the National Social Investment Programme Agency (NSIPA), Halima Shehu.

The ministry’s former head, Sadiya Umar-Farouq is facing an investigation by the EFCC in connection by having an alleged laundering of N37 billion that took place during her tenure.