UNION BANK AND KEYSTONE BANK, PURPORTEDLY OWNED BY EMEFIELE, WOULD BE TAKEN OVER BY THE FG.

Babatunji Wusu –

According to a report by a special investigator appointed by President Bola Tinubu, the Federal Government stated it will take custody of two banks that were reportedly purchased by former Central Bank Governor Godwin Emefiele at a significant discount.

The article stated, “We are close to regaining these two banks for the federal government after concluding our investigation into this acquisition.”

Shortly after Tinubu assumed office in late May, Emefiele was placed on suspension. He was eventually taken into custody and charged with fraud. The head of Nigeria then directed the monetary authority to collaborate with security and anti-corruption organizations and launched an inquiry into its functioning.

Emefiele was freed on Saturday after fulfilling his bond requirements, according to a corrections spokeswoman cited by Punch Newspapers.

Per the Jim Obazee report to the president, which Bloomberg saw, the former central banker obtained two banks, Union Bank of Nigeria and Keystone Bank, through a number of proxies using “ill-gotten wealth” and “without evidence of payment.”

According to the report, Keystone was “acquired for free” based on an initial analysis of the instances. “With Godwin Emefiele’s and the CBN’s complicity and assistance, certain individuals were utilized as proxies to acquire” the two banks.

Emefiele has refuted any misconduct. The investigation’s conclusions were not discussed by his attorneys, and a government representative did not immediately answer a request for comment.