Economic and Financial Crimes Commission (EFCC) has arrested the Managing Director of Zenith Bank, Peter Amangbo over a series of “suspicious” transactions the bank allegedly carried out on behalf of one of Nigeria’s largest oil-producing states.
Mr Amangbo was invited for questioning by the EFCC on August 23 and was granted administrative bail and implored to return to the EFCC headquarters in Abuja on August 24 for further questioning and since then, he has not been allowed to return home.
The EFCC accused Zenith Bank of allowing 117 Billion Naira (US$325 million) in transactions that are suspicious in nature over a three-year period on behalf of the Rivers State Government and failed to report them as stipulated by law.
Nyesom Wike, Governor of Rivers State has termed the move by the anti-graft agency as a “political witch hunt” and he said he will prevent state officials within his government to appear before the EFCC. This investigation comes after the EFCC froze the bank accounts of Akwa Ibom and Benue States a fortnight ago.
