The Federal Government of Nigeria said it will take possession of two banks that were allegedly bought at a major discount by former Central Bank Governor Godwin Emefiele, according to a report by a special investigator appointed by President Bola Tinubu.
“We have completed our investigation on this acquisition and we are on the verge of recovering these two banks for the federal government,” the report said.
Recall that Emefiele was suspended shortly after Tinubu took office in late May, and was later arrested and detained on charges including fraud. President Tinubu subsequently ordered an investigation into the monetary authority’s operations and instructed it to work with security and anti-corruption agencies.
For the second time, Emefiele met his bail conditions and was released Saturday.
The former central banker acquired two banks including Union Bank of Nigeria and Keystone Bank through several proxies from “ill-gotten wealth” and “without evidence of payment,” according to the report by Jim Obazee submitted to the president and seen by Bloomberg.
The probe also alleges that the ex Nigeria Central Banker opened 593 foreign accounts.
A preliminary review of the cases showed that Keystone was “acquired for free,” according to the report. “Some persons were used as proxies with the connivance and assistance of Mr. Godwin Emefiele and the CBN to acquire” the two banks.
Emefiele has denied wrongdoing. His lawyers declined to comment on the investigation’s findings and a government spokesman contacted did not immediately respond to a request seeking comment.