Zenith Bank Officially Denies Funding Fayose

zenith bank

Nearly a month after Governor Ayodele Fayose of Ekiti State accused Zenith Bank of funding his election, Zenith Bank is now offering an official statement denying his allegations.

In a statement issued to the Nigerian Stock Exchange, the bank said:

“The issue involved in this case has to do with investigation bordering on the account of the Governor of Ekiti State by the Economic and Financial Crimes Commission (EFCC). The bank was never a party to the matter. The Economic and Financial Crimes Commission (EFCC) wrote to the bank, in the course of its investigation to make enquiries and also directed that the bank temporarily suspend operations on the account pending conclusion of investigations, which the bank complied with.”

Zenith Bank did not fund the Governorship election of Ekiti State or indeed any other election in the country. As a policy the bank does not make political donations or fund any political association or party.

“Zenith Bank Plc as a foremost financial institution maintains a very cordial relationship with the Authorities of all its host states where it has business offices including Ekiti State.”

“The bank’s only branch in Ekiti State predates the assumption of office of the current -Administration, Moreover, the bank does not hold any business account of Ekiti State till date. There was therefore, no incentive to fund the election as alleged.”

“Zenith Bank Management would like to reassure and state that it will continue to conduct its business in line with best practices and extant banking laws and regulations.”

It is still unclear why the bank waited this longer to issue a statement, however some legal analysts concluded that the bank would have wanted to see the legal implication of any decision or statement they needed to issue out to the public.


Content on this site, including news, quotes, data and other information, is sourced by PageOne.ng from official and public sources and other third party content providers for your personal information only, and is not intended for trading purposes. Content on this site is not appropriate for the purposes of making a decision to carry out a transaction or trade. Nor does it provide any form of advice (investment, tax, legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments or products.

Leave a Reply

Your email address will not be published.