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A massive N17 billion fraud scandal has rocked Nigeria’s banking sector.
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Three people allegedly exploited Nigeria’s banking system to siphon billions from two ceramic companies.
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Chinese Expatriates, Bank Manager Implicated in Massive Fraud Scheme
An investigation by Peoples Gazette has uncovered a massive N17 billion fraud scandal implicating Chinese expatriates Liu Yangxi and Ma Zhuang, alongside Salawu Nasiru, the Lokoja branch manager of Zenith Bank.
The trio allegedly exploited Nigeria’s banking system to siphon billions from two ceramic companies, NB Ceramic Limited and BN Ceramic Industry Limited, between November 2021 and August 2023.
According to the investigation, Liu, a shareholder and director in the ceramic firms, fraudulently posed as the managing director, forging critical signatures to authorize the loans.
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With Salawu’s complicity, the approvals went through despite glaring irregularities, including falsified board resolutions and credit facility offers.
READ ALSO: Court Awards N3b Damage Against Zenith Bank Over Illegal Restriction on Customers– Account
“The fraudulent actions of these individuals have not only jeopardized the financial stability of BN Ceramic Industry Limited and NB Ceramic Limited, but have also posed a significant threat to the Nigerian economy,” the appeal to the Department of State Services (DSS) states.
The Economic and Financial Crimes Commission (EFCC) has been petitioned to investigate the matter, with the EFCC spokesperson, Mr. Dele Oyewale, stating that the commission would investigate the matter if a petition is forwarded to it.
“If there’s a petition, then, forward the copy to me, I’ll be able to trace it,” Oyewale said.
EFCC Arrests Zenith, Providus, Jaiz CEOs
The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officers (CEOs) of Zenith, Providus, and Jaiz banks in connection with financial misappropriation and fraud.
The arrests are linked to the alleged embezzlement of public funds into private accounts by Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk.
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