The Economic and Financial Crimes Commission, EFCC, is set to effect sweeping arrest of the Managing Directors of seven Nigerian banks who allegedly colluded with other accused persons in the scam.

All linked to the multibillion naira scandal that has rocked the federal pension’s fund in the past few months.

Sources with the EFCC said that most of the persons who have been penciled down down for arrest include the Managing Directors of some new generation banks who are said to have helped the accused civil servants and other persons fleece the country of the amount.

The source, who spoke under anonymity, said that one of the affected bank MDs is that of one of the rescued banks, while the others are among the top five banks in the country.



The Source added: “They helped these people to steal the funds. They simply aided them to commit the crime. Some of these crimes were committed even up to this January”.

The EFCC had recently preferred a 134-count charge against two Permanent Secretaries,Dr. Sani Teidi Shuaibi and Mrs. Phina Ukamaka Chidi, among 30 others, who were alleged to have been involved in the fraud. Also indicted is one Aliyu Bello . They were accused of defrauding the pension department in the office of the Head of Service of the Federation of Nigeria of over N12billion pension fund. They are to be arraigned next week. Shuaibu was the director, pension administration in the office of the HOS while Chidi was the deputy director (Finance and Accounts), in the pension office. Bello was a personal assistant Shuaibu.