Zenith Bank Finally Denies Funding Governor Fayose


After many weeks of keeping silent, Zenith Bank PLC has finally reacted legally, however, unofficially to allegations that the bank financed Governor Fayose.

In a testimony given on behalf of the bank by its Managing Director, Peter Amangbo, denied that contrary to Fayose’s claim that the bank sponsored his governorship campaign in 2014, there is no iota of truth in his claim.

According to reports from Punch newspaper, a local daily in Nigeria, Amangbo testified to the Economic and Financial Crimes Commission, EFCC that the bank had only one branch in Ekiti State, wondering why the bank would invest in Fayose’s electioneering campaign when the state government had no account with the bank.

Three weeks ago, Fayose stood his ground that Zenith Bank made a presentation to him and he agreed for the bank to fund his campaign. He also asserted that apart from the bank, a few private individuals also contributed financially towards his campaign.

Peter however, denied that neither him nor any official of the bank held a meeting with Fayose and his friend, Agbele. Peter also denied meeting with Abiodun Agbele, Fayose’s associate who handled the alleged NGN1.12 billion he allegedly received from the office of the national security adviser.

According to Nigerian laws, it is illegal for any corporate organisation to fund elections let alone a bank regulated by the Central Bank of Nigeria, CBN, handling depositors’ funds and managing shareholders’ investments.

The EFCC had frozen Fayose’s account with Zenith Bank. Because he is a sitting Governor, he cannot be charged to court until he completes his tenure in 2018.

Until now, Zenith Bank had not issued an official statement on the matter either to the press nor to the Nigerian Stock Exchange.



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