How Emefiele used proxies to acquire Union, Keystone, Polaris banks
This was revealed in a report by Jim Obazee, the special investigator appointed by President Bola Tinubu...
How Emefiele used proxies to acquire Union, Keystone, Polaris banks
Former governor of the Central Bank of Nigeria, Godwin Emefiele, has allegedly acquired Union Bank, Keystone Bank, and Polaris Bank through proxies.
This was revealed in a report by Jim Obazee, the special investigator appointed by President Bola Tinubu.
The report, submitted on December 20, 2023, alleges that proxies were used in these acquisitions, with the late Alhaji Ismaila Isa Funtua, an ally of former President Muhammadu Buhari, also involved in the purchase of Keystone Bank and Polaris Bank.
According to the report, the acquisitions were completed separately over time.
In the report, it was revealed that Titan Trust Bank (TTB) was used as a Special Purpose Vehicle (SPV) for the acquisition of Union Bank.
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The acquisition involved seeking CBN’s approval for consolidation and a combination of debt and equity funding.
The report also indicated that individuals were used as proxies by Emefiele to set up Titan Trust Bank and acquire Union Bank, suggesting ill-gotten wealth was involved.
Additionally, details emerged regarding the acquisition of Keystone Bank, implicating proxies and the assistance of Emefiele and the CBN, along with evidence of a loan granted by Heritage Bank.
It was suggested that Keystone Bank was acquired for free, as was Polaris Bank.
The investigation continues with the special investigator planning to interrogate the MD of AMCON to clarify the situation of the acquisitions of Keystone and Polaris banks.
Efforts to obtain comments from officials of Union Bank were unsuccessful, and an enquiry made earlier this year regarding the core investors behind the acquisition was not answered.
These allegations pose serious implications, and the investigation is ongoing.
Immediately after his suspension by President Tinubu, former governor of the Central Bank of Nigeria (CBN) Emefiele was arrested by security operatives and charged with six counts of fraud and corruption.
The once-powerful central bank chief was also charged with illegally owning a shotgun and hundreds of cartridges, all of whom he has pleaded not guilty to.