
24/12/2023
FG to take over Union Bank, Keystone Bank, Polaris allegedly owned by Emefiele
The report of the special investigation into the activities of the Central Bank of Nigeria has accused the immediate past governor of the apex bank, Godwin Emefiele, of using ill-gotten wealth to acquire banks for himself through proxies.
According to the report, Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited, as well as Keystone Bank without any evidence of payment.
As a result, it recommends that the Federal Government should reverse the sale of the banks and also take them over.
The special investigator, Jim Obazee, had on Wednesday submitted the report of his investigations into the acquisition of Union Bank and Keystone Bank to President Bola Tinubu in two separate letters dated December 20, 2023
Obazee also found out that the ex-CBN governor lodged £543,482,213 in fixed deposits in UK banks alone without authorisation.