Business

Zenith Bank washes hands off Fayose’s sponsorship

Published

8 years ago

July 18, 2016

Zenith Bank posts N121bn profit in 9 months

The tide seems to be moving against Ekiti State Governor, Ayodele Fayose, on his current standoff with the Economic and Financial Crime Commission (EFCC).

It is alleged that the funding of his election was through one of the first class-rated financial institutions, Zenith Banks Plc.

But in a reaction, the bank on Monday insisted that it has maintained professional standard in all its dealings with customers in its only branch in Ekiti and without any interest in any political affiliation. The statement was signed by Head, Corporate Communication.

But EFCC has continuously linked Fayose with funds from the Office of the National Security Adviser wired through the bank for the election.

According to the economic crime Czar, the 2014 election, which Fayose contested under the Peoples Democratic Party, was controversially bankrolled through a means that is yet to be proved by the commission.

It, however, maintained that fund raised, donations from friends and associates as well as sales of campaign souvenirs were paid upfront via a special account domiciled with the Zenith Bank.

The commission further said the funds, amounting to about N4.7 billion, were moved from accounts operated by two of Mr. Obanikoro’s sons and transferred to Fayose’s Zenith Bank account in Ado-Ekiti and therefore ordered that the said account be temporarily closed.

This has generated a lot of debate leading to a point of Fayose linking President Buhari’s wife, Aisha, with the Williams Jefferson scam, an allegation described by many observers as a desperate effort to drag the name of the President’s family to the mud.

However, Zenith Bank, in its official statement has denied ever funding the state governorship election, or any other election for that matter. It further stated: “As a policy, the bank does not make political donations or fund political association.”

To many economic pundits, involving banking activities to political interpretation is pregnant with many implications, including scarring investors to the country’s economy whenever election is near for fear of losing their investments.

In other climes, they said, efforts are made to distance financial institutions from such activities that could lead to freezing individual or corporate accounts based on political considerations.

It had been a tortuous journey, politically, for the embattled Ekiti State Governor since his return to the converted post he was impeached in by the state’s Hose of Assembly in October 7 2006. He says still holds former President Olusegun Obasanjo responsible for his trouble till date.

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