The Economic and Financial Crimes Commission is alleging that the transactions, at least N117 billion in value, are suspicious in nature but that Zenith failed to report them as demanded by law. According to insiders at the EFCC and Zenith Bank, Amangbo was held to explain why his bank failed to document the withdrawals, allegedly done over a three-year period, as suspicious.
Mr Amangbo was first invited for questioning on August 23, sources said. But he was freed on administrative bail and asked to return on August 24 for further interrogation. He honoured the arrangement, turning himself in again at the EFCC headquarters in Abuja.
An EFCC detective had narrated how the withdrawals were made. “The bulk of the money was collected by one official over the counter with as many as 45 to 50 cheques issued in one day,” he said.
“The records retrieved showed that on June 8, 2015, about N450million was cashed over the counter through 45 cheques with each cheque worth N10million,” he said.
“The same thing was done on June 9, 2015 when N500million was cashed in bit of N10million. There is no record of what the cash was used for. “There is a case of money laundering which we cannot gloss over. And it is good that the MD of Zenith Ban k has admitted that the bank did not report the suspicion transactions. Our detectives are making progress and the nation will soon be briefed on the findings of the EFCC.”
In the wake of the Economic and Financial Crimes Commission (EFCC)’s arrest of Zenith Bank MD, fresh facts reveal that the EFCC would be turning the heat on First Bank and Heritage Bank very soon.