CBN Investigator Alleges Emefiele’s Unlawful Proxy Bank Acquisitions

In a recent development, former Central Bank of Nigeria governor, Godwin Emefiele, faces accusations of using intermediaries to acquire banks for personal gain, allegedly through illicit means, Aso Naija Reports.

Investigator Jim Obazee, assigned by the CBN, claims that Emefiele utilized proxies to acquire Union Bank of Nigeria on behalf of Titan Trust Bank Limited, as well as Keystone Bank, without providing any evidence of payment.

Obazee submitted two separate letters to President Bola Tinubu, on December 20, 2023, containing his investigative findings regarding the acquisition of Union Bank and Keystone Bank.

These revelations follow the investigator’s earlier discovery that Emefiele illicitly transferred billions of naira from public funds into 593 accounts across the United States, United Kingdom, and China. Notably, this was done without the necessary approvals from the CBN’s board of directors and the CBN Investment Committee.

Additionally, Emefiele stands accused of granting an unauthorized N22.7 trillion Ways and Means advance to the Federal Government during the tenure of former President Muhammadu Buhari.

These damning details were outlined in Obazee’s interim report, presented to President Tinubu on December 9, 2023.

During the investigation, evidence emerged suggesting that Mr. Godwin Emefiele employed certain individuals as proxies in establishing Titan Trust Bank and acquiring Union , all using ill-gotten wealth.

By uncovering pertinent documents and investigation reports, we have taken steps towards the forfeiture of these two accounts to the federal government.

Our investigation into this acquisition has concluded, and we have conducted meetings with the relevant parties, with the exception of Mr. Cornelis Vink, who is presently receiving medical treatment in Switzerland.

As a result, we are close to recovering these two banks on behalf of the Federal Government,” stated Obazee.