According to a report by a special investigator appointed by President Bola Tinubu, the Federal Government would take custody of two banks that were allegedly purchased at a significant discount by former Central Bank Governor Godwin Emefiele.
“We have completed our investigation on this acquisition and we are on the verge of recovering these two banks for the federal government,” according to the article.
Emefiele was removed immediately after Tinubu’s election in late May, and he was eventually arrested and held on fraud accusations. Following that, Nigeria’s president launched an investigation into the monetary authority’s operations and directed it to collaborate with security and anti-corruption agencies.
Emefiele met his bail conditions and was released on Saturday, according to Punch Newspapers, quoting a corrections official.
According to a report filed to the president and obtained by Bloomberg, the former central banker acquired two banks, Union Bank of Nigeria and Keystone Bank, through various proxies from “ill-gotten wealth” and “without evidence of payment.”
A preliminary examination of the cases revealed that Keystone was “acquired for free,” according to the article. “Some persons were used as proxies with the connivance and assistance of Godwin Emefiele and the CBN to acquire” both of the bank’s assets.
Emefiele has maintained his innocence. His attorneys declined to comment on the investigation’s conclusions, and a government spokeswoman did not reply quickly to a request for comment.
