FG to take over Union, Keystone banks allegedly owned by Emefiele
The Federal Government has declared its intention to assume control of two banks reportedly acquired at a significant discount by former Central Bank Governor Godwin Emefiele, according to a report by a special investigator appointed by President Bola Tinubu.
“We have concluded our inquiry into this acquisition and are close to reclaiming these two banks for the federal government,” stated the report.
Emefiele was suspended shortly after Tinubu assumed office in late May and was subsequently arrested and detained on charges, including fraud. The Nigerian leader ordered an investigation into the operations of the monetary authority, directing collaboration with security and anti-corruption agencies.
READ ALSO: How Emefiele used proxies to acquire Union, Keystone, Polaris banks
Emefiele met the bail conditions and was released on Saturday, Neptune Prime reports, citing a correctional spokesperson.
Jim Obazee’s report submitted to the president and seen by Bloomberg revealed that the former central banker acquired Union Bank of Nigeria and Keystone Bank through various proxies using “ill-gotten wealth” and “without evidence of payment.”
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A preliminary review suggested Keystone Bank was “acquired for free.” The report noted, “some persons were used as proxies with the complicity and assistance of Godwin Emefiele and the CBN to acquire” the two banks.
Emefiele has denied any wrongdoing. His legal representatives declined to comment on the investigation’s findings, and a government spokesman did not immediately respond to a request for comment.
