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Sunday, February 25, 2024

FG to Acquire Union, Keystone Banks Sold by Emefiele

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Nigeria is in the process of acquiring Union Bank of Nigeria and Keystone Bank that were allegedly bought at a major discount by the jailed former Central Bank Governor Godwin Emefiele, according to a report by a special investigator appointed by President Bola Tinubu.

The former central banker acquired the two banks through several proxies from “ill-gotten wealth” and “without evidence of payment,” according to the report by Jim Obazee submitted to the president.

A preliminary review of the cases showed that Keystone was “acquired for free,” according to the report. “Some persons were used as proxies with the connivance and assistance of Mr. Godwin Emefiele and the CBN to acquire” the two banks.

Emefiele was suspended shortly after Tinubu took office in late May, and was later arrested and detained on charges including fraud. The Nigerian leader subsequently ordered an investigation into the monetary authority’s operations and instructed it to work with security and anti-corruption agencies.

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