Nigeria is moving to take control of two banks allegedly acquired through corruption by its former Central Bank Governor, Godwin Emefiele, in a case drawing national attention. Union Bank of Nigeria and Keystone Bank are at the center of the saga, embroiled in accusations of proxy purchases and illicit funds.
Emefiele, once one of Nigeria’s most prominent figures, now faces six counts of fraud and corruption, a trimmed-down version of an initial 20-count indictment. Shortly after President Bola Tinubu took office in May, Emefiele was suspended and later arrested on these charges.
President Tinubu subsequently ordered a deep investigation into the Central Bank’s operations, seeking cooperation from security and anti-corruption agencies. This followed a report by special investigator Jim Obazee, obtained by Bloomberg, alleging Emefiele’s involvement in the irregular acquisition of the two banks.
The report claims Emefiele, with the help of proxies, used “ill-gotten wealth” and funds lacking clear payment evidence to acquire Union Bank and Keystone. In Keystone’s case, the investigation suggests it was essentially obtained “for free.”
Despite regaining bail in November, Emefiele maintains his innocence and has made no public statements regarding the investigation. His lawyers declined to comment on the findings, while a government spokesperson remains unavailable for immediate response.
With Emefiele’s trial ongoing and the investigation still progressing, the fate of the two banks and the full extent of the alleged corruption remain uncertain. This case, however, casts a significant shadow over Nigeria’s financial sector and raises critical questions about accountability within its institutions.