“Tinubu Govt to Revoke Union Bank of Nigeria, Keystone Bank Illegally Acquired by Ex-CBN Governor Emefiele”


Jim Obazee, the investigator appointed by President Bola Ahmed Tinubu to examine the affairs of the Central Bank of Nigeria (CBN), has disclosed that the government is on the brink of reclaiming two banks unlawfully sold to former CBN governor Godwin Emefiele.

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The report reveals that Emefiele utilized proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing evidence of payment.

Obazee submitted the findings of his investigations into the acquisition of Union Bank and Keystone Bank to President Tinubu in two separate letters dated December 20, 2023. This revelation follows Obazee’s earlier findings that Emefiele illegally deposited billions of naira in public funds in 593 bank accounts abroad without the required approvals.

Additionally, Emefiele faces allegations of providing a N22.7 trillion Ways and Means advance to the Federal Government without approval from former President Muhammadu Buhari. These revelations were outlined in the interim report submitted by Obazee to President Tinubu on December 9, 2023.

Obazee stated, “When we carried out the investigation, we discovered that some persons were used as proxies by Mr. Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.”

The investigator expressed confidence in recovering the two banks for the Federal Government, having gathered documents and reports supporting forfeiture.

President Tinubu appointed Obazee on July 28 to probe the CBN after the suspension of Emefiele, who is currently in prison for failing to meet bail conditions related to N1.2 billion procurement charges.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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