Nigeria to buy banks acquired by deposed Central Bank governor

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Following these developments, the Nigerian leader directed an inquiry into the operations of the monetary authority, instructing collaboration with security and anti-corruption agencies.

The ex-central banker reportedly acquired two banks, including Union Bank of Nigeria and Keystone Bank, using various proxies and funds deemed as “ill-gotten wealth” and “without evidence of payment,” according to the report by Jim Obazee submitted to the president and seen by Bloomberg.

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 Godwin Emefiele and the CBN to acquire” the two banks.

Emefiele, who recently regained freedom from jail after been granted a N300 million bail on 22 November, has denied wrongdoing. He has not made any public comments on the subject. His legal representatives chose not to provide a statement regarding the findings of the investigation, while a government spokesperson did not promptly respond to a request for comment.

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