Federal Government to Seize Union Bank and Keystone Bank Allegedly Owned by Former CBN Governor Godwin Emefiele

In a significant development, the Federal Government has announced its intention to take control of two banks, Union Bank of Nigeria and Keystone Bank, amidst allegations of their acquisition at a substantial discount by the former Central Bank Governor, Godwin Emefiele. The decision stems from a comprehensive investigation conducted by a special investigator appointed by President Bola Tinubu.

The report submitted by Jim Obazee to the president and obtained by Bloomberg suggests that Emefiele acquired the two banks through various proxies using “ill-gotten wealth” and “without evidence of payment.” The preliminary review indicates that Keystone Bank, in particular, was allegedly “acquired for free.” The report further claims that individuals served as proxies with the collaboration and assistance of Emefiele and the Central Bank of Nigeria (CBN) in the acquisition process.

Emefiele, who was suspended shortly after President Tinubu assumed office, faced subsequent arrest and detention on charges, including fraud. Although he has been released on bail after meeting the specified conditions, the government’s move to reclaim the banks signals a significant escalation in the ongoing investigation.

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It is important to note that Emefiele has vehemently denied any wrongdoing. His legal representatives have refrained from commenting on the specifics of the investigation findings, while a government spokesperson is yet to respond to requests for comments on the matter.

The situation adds a layer of complexity to the scrutiny of the monetary authority’s operations, as directed by President Tinubu, who has emphasized collaboration with security and anti-corruption agencies in the pursuit of transparency. The unfolding events are poised to have profound implications on the financial landscape, with stakeholders closely watching how the government’s intervention will impact Union Bank and Keystone Bank.

Source: Reuben Abati

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