Jim Obazee, an investigator appointed by President Bola Ahmed Tinubu, has disclosed that the government is close to reclaiming two banks that were unlawfully sold to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
The report reveals that Emefiele used intermediaries to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, without any proof of payment.
Obazee has submitted his investigation findings on the acquisition of Union Bank and Keystone Bank to President Bola Tinubu in two separate letters dated December 20, 2023.
This information follows the investigator’s findings that Emefiele unlawfully deposited billions of naira in public funds into 593 bank accounts in the United States, the United Kingdom, and China. These actions were taken without the approval of the apex bank’s board of directors and the CBN Investment Committee.
Additionally, Emefiele was implicated in providing N22.7 trillion in Ways and Means Advance to the Federal Government without the consent of former President Muhammadu Buhari.
These revelations were included in the interim report submitted by Obazee to President Tinubu on December 9, 2023.
“When we carried out the investigation, we discovered that some persons were used as proxies by Mr. Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.
“We were able to secure some documents and investigation reports that will lead to the forfeiture of the two banks to the federal government.
“We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, who is currently hospitalised in Switzerland.
“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”
On July 28, President Tinubu appointed Obazee to investigate the CBN following the suspension of Emefiele. Emefiele had been in charge of the apex bank from June 4, 2014, to June 9, 2023.
Currently, Emefiele is in prison for not meeting the bail conditions set by Justice Hamza Muazu. The bail was granted on November 22 in relation to N1.2 billion in procurement charges.
