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.Thank you for reading this post, don't forget to subscribe!
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.