Olusesan Oba
A recent investigative report by Jim Obazee, the special investigator appointed by President Bola Tinubu, reveals that the ousted governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, purportedly employed proxies to acquire Union Bank of Nigeria (UBN). The report also implicates the late Alhaji Ismaila Isa Funtua, a close ally of former President Muhammadu Buhari, in the acquisition of Keystone Bank and Polaris Bank.
The acquisitions, detailed in the report submitted to President Tinubu on December 20, 2023, were carried out separately over time. SaharaReporters obtained the full probe report, confirming numerous infractions by Emefiele.
President Tinubu appointed Jim Obazee, the CEO of the Financial Reporting Council of Nigeria, as the special investigator on July 30, 2023. The report delves into the acquisition of Union Bank, outlining the stages taken by Titan Trust Bank, identified as the Special Purpose Vehicle (SPV) for the acquisition, as per documents from the apex bank.
According to the report, Titan Trust Bank sought CBN’s approval for the consolidation with Union Bank in four phases, including the acquisition of 91.5% of UBN’s shares. The funding for the consolidation involved a combination of debt and equity, with CBN granting its no-objection to Titan Trust Bank’s requests.
The investigative report alleges that individuals acting as proxies for Godwin Emefiele were instrumental in setting up Titan Trust Bank and acquiring Union Bank with ill-gotten wealth. Plans for the forfeiture of both banks by the federal government are reportedly underway.
In a separate investigation titled “Report of the Investigation of the Acquisition of Keystone Bank,” the special investigator disclosed that proxies, in collaboration with Emefiele and CBN, were used to acquire Keystone Bank without evidence of payment. The report outlines financial transactions involving Heritage Bank, AMCON, and Keystone Bank, raising questions about the legitimacy of the acquisition.
The investigator has initiated interrogations with the MD of AMCON to clarify the situation surrounding the acquisitions of Polaris and Keystone Banks. Preliminary findings suggest that Keystone was acquired for free, mirroring the acquisition of Polaris Bank.
Attempts to obtain comments from Union Bank officials were unsuccessful at the time of reporting, and the special investigator is set to continue the interrogation of the AMCON MD on December 22, 2023. Insider information from June prompted inquiries into the acquisition of Union Bank by Titan Bank before the appointment of the special investigator on CBN affairs.
