The Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks have reportedly been arrested by the Economic and Financial Crimes Commission (EFCC) following their link to fraud allegations surrounding suspended and former Ministers of Humanitarian Affairs, Betta Edu and Sadiya Umar-Farouq.

A source close to The Guardian confirmed the development saying Dr. Ebenezer Onyeagwu (Zenith Bank), Haruna Musa (Jaiz Bank), and Walter Akpani (Providus Bank) were arrested on Tuesday.

The source revealed further that they have been suspected of facilitating the improper diversion of public funds into private accounts.

Speaking further, the source said EFCC is working on unearthing suspicious transactions involving hefty sums of public money going into private accounts involving both Edu and Farouq during their tenures as ministers.

Recall that Farouq, a former Minister of Humanitarian Affairs under the Presidency of Muhammadu Buhari, was accused of embezzling N37 billion meant for the conditional cash transfer program under Buhari’s tenure.

Meanwhile, Betta on the other hand was accused of fraud involving the sum of N585.189.