Emefiele uses proxies to acquire assets – CBN Investigator

The recent report from a special investigation into the Central Bank of Nigeria (CBN) unveils allegations against the former CBN governor, Godwin Emefiele. The investigation accuses Emefiele of utilizing ill-gotten wealth to acquire banks for himself through proxies.

The report suggests that Emefiele employed proxies in the acquisition of Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no evidence of payment. Consequently, it recommends the Federal Government to reverse the sale of these banks and take them over.

Jim Obazee, the special investigator, submitted the report to President Bola Tinubu, revealing Emefiele’s alleged illegal lodging of billions of naira in foreign currencies across 593 bank accounts in the United States, United Kingdom, and China. The ex-CBN governor faces charges of N1.2bn procurement fraud and is currently in custody.

Obazee recommends the recovery of Union Bank and Keystone Bank for the Federal Government. The report discloses that Emefiele used proxies to establish Titan Trust Bank and acquire Union Bank with ill-gotten wealth. Meetings with relevant parties and a forthcoming recovery process are mentioned.

The investigation highlights the role of Titan Trust Bank, which sought CBN’s approval for the acquisition of Union Bank through consolidation, involving phases of share acquisition, tender offers, and a merger. CBN granted no-objection to Titan Trust Bank’s requests, leading to its acquisition of 93.41% of Union Bank shares. The ongoing process aims to acquire the remaining 5.95%, pending a court-ordered scheme of arrangement.

In summary, the report sheds light on Emefiele’s alleged misuse of intermediaries for bank acquisitions, prompting recommendations for government intervention and bank recovery

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