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N117b Probe: Zenith Bank Confirms Questioning of MD/CEO by EFCC

By Dipo Olowookere

The management of Zenith Bank Plc has confirmed that the Economic and Financial Crimes Commission (EFCC) recently quizzed its Group Managing Director/CEO, Mr Peter Amangbo, over the withdrawal of about N117 billion allegedly by the Mr Nyesom Wike-led Rivers State Government.

In a statement to the Nigerian Stock Exchange (NSE) on Tuesday, August 28, 2018, the lender said Mr Amangbo was questioned on how the withdrawal was made in a “certain period of time.”

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In the statement signed by its Head of Corporate Communication, Mr Victor Adoji, Zenith Bank said clarified the areas of concerns with the anti-money laundering agency.

“The Economic and Financial Crimes Commission (EFCC) recently invited our Group Managing Director/CEO, Mr Peter Amangbo, regarding our business relationship with the Rivers State government.

“The invitation relates to an ongoing issue between the Rivers State government and the EFCC regarding the operation of the state government account with their various banks of which Zenith Bank is one.

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“At the meeting, the EFCC requested information on how the Rivers State government’s account with Zenith Bank is being operated in terms of the utilisation of funds over a period of time.

“As a responsible corporate citizen, the bank honoured the invitation during which our GMD clarified the areas of concerns with the commission,” the statement read.

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According to reports, the EFCC alleged that the Rivers State government carried out transactions valued at about N117 billion, which Zenith Bank failed to report as demanded by law.

When he was questioned, the agency asked Mr Amangbo why his company failed to document the withdrawals, allegedly done over a three-year period.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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