The Federal Government has declared its intention to assume control of Union Bank and Keystone Bank, citing allegations of their acquisition at a substantial discount by the former Central Bank Governor, Godwin Emefiele. A special investigator appointed by President Bola Tinubu has reported the completion of an investigation and imminent efforts to recover the two banks.
The move comes in the aftermath of Emefiele’s suspension, subsequent arrest on various charges, including fraud, and President Tinubu’s directive to scrutinize the operations of the monetary authority.
Emefiele, who was released after meeting bail conditions, is accused of acquiring Union Bank of Nigeria and Keystone Bank through proxies, as detailed in the report submitted to the president by Jim Obazee.
The investigative report contends that the acquisition involved “ill-gotten wealth” and was executed “without evidence of payment.” A preliminary review indicates that Keystone Bank was “acquired for free,” with the report alleging the use of proxies facilitated by Emefiele and the Central Bank of Nigeria (CBN).
Emefiele staunchly denies any wrongdoing, with his lawyers choosing not to comment on the investigation’s findings. As of now, there has been no official response from the government regarding the report. The unfolding situation underscores the intricate legal and financial complexities surrounding the alleged transactions involving the former CBN governor.
