Emefiele: CBN investigator says FG should seize Union Bank, Keystone, Titan Trust Bank
- Nigerian Banking Shakeup: Former Central Bank Chief Linked to Mysterious Acquisitions, Seize Three Banks, Investigator Urges. (Emphasis on surprise and drama)
- Emefiele in Crosshairs: Explosive Report Recommends Seizing Banks Over Alleged Shady Deals. (Emphasis on seriousness and investigation)
- Three Banks on the Brink: Ex-CBN Governor Accused, Government Takeover Looms. (Emphasis on urgency and potential consequences)
Former Central Bank Governor Godwin Emefiele has been linked by the bank’s special investigator to the mysterious acquisition of both Union Bank and Keystone Bank which have now been recommended by nationalisation by the government.
In a report to President Bola Tinubu seen by BusinessDay, the Special Investigator Sam Obazee noted that while officially Union Banks mysterious shareholder is said to be domiciled in the UAE, “It was found that these entities do not have physical presence in Dubai as claimed.
“This contravenes Section 3 (5) of the Banks and Other financial Institutions Act,
2020. Accordingly, they are not supposed to be allowed to operate or acquire a bank in Nigeria.”
According to the report, “when we carried out investigation, we discovered that some persons were used as proxies by Mr. Godwin Emefiele to set up Titan Trust Bank and acquired Union Bank therefrom. All from ill-gotten wealth.”
On Keystone Bank, the investigator said in the report, “when we carried out investigation, we discovered that some persons were used as proxies with the connivance and assistance of Mr. Godwin Emefiele and the CBN to acquire Keystone Bank without evidence of payment.”
According to the report, immediately after a government organisation linked to Central Bank made a deposit of N20bn into Heritage Bank, a loan of N25bn was issued to a vehicle associated with Emefiele and this money was then put forward as payment for Keystone Bank. “Upon acquisition, Keystone Bank then returned the N25bn to Heritage Bank as placement.