Zenith Bank denies the arrest of its Managing Director

Zenith Bank 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).

According to a statement issued by the bank, 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 connection with the ongoing investigation into the financial misappropriation charges levelled against 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 bank MDs were not arrested but were being quizzed by the EFCC in relation to the case.

Reports from the statement.
“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 the alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.”
“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.”
“Zenith Bank remains dedicated to upholding the highest standards of banking and financial services”
What you should know
The Ministry of Humanitarian Affairs and Poverty Alleviation is currently embroiled in a corruption scandal that has led to the suspension of its Minister, Betta Edu, as well as the Chief Executive Officer of the National Social Investment Programme Agency (NSIPA), Halima Shehu.

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