The searchlight of the Economic and Financial Crimes Commission has been beamed on a top executive at one of Nigeria’s largest banks.

Peter Amangbo, the Zenith Bank Managing Director was arrested by the anti-graft agency over a series of transactions his bank allegedly carried out on behalf of one of Nigeria’s largest oil-producing states, Rivers.

The Economic and Financial Crimes Commission is alleging that the transactions, at least N117 billion in value, are suspicious in nature and that Zenith failed to report them as demanded by law.

Insiders at the EFCC and Zenith Bank said Amangbo was held to explain why his bank failed to document the withdrawals, allegedly done over a three-year period, as suspicious.

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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.

“He was still being quizzed as at 4 p.m. on Sunday,” one source said.

At least four other officials are being sought in the investigation, it was gathered.

The suspects considered to be at large include Fubara Similari, whom investigators identified as the director of finance and account at the Government House in Port Harcourt. The Government House cashier is also said to be on the run.

Governor Nyesom Wike of Rivers has however slammed the investigation as a “political witch-hunt” Sunday night, saying he would continue to prevent state officials from appearing before the EFCC for questioning.

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