₦airaland Forum

By Hamza Idris

The sacked governor of the Central Bank of Nigeria (CBN), Godwin Emefiele allegedly used proxies and purchased Union Bank of Nigeria (UBN), a report by Jim Obazee, the special investigator appointed by President Bola has shown.

The late Alhaji Ismaila Isa Funtua, an ally of former President Muhammadu Buhari, was also fingered alongside Emefiele in the acquisition of Keystone Bank and Polaris Bank.

The acquisitions were carried out separately over time as seen in the report submitted to President Tinubu on December 20, 2023.

Daily Trust Saturday got access to some of the documents through credible sources as the report has not been made public yet.

It was on July 30, 2023 that President Bola Ahmed Tinubu appointed Obazee, the chief executive officer of the Financial Reporting Council of Nigeria as the special investigator.

The Union Bank acquisition

In the report seen by our reporter, the detailed stages followed to acquire the Union Bank, one of the first generation financial institutions in Nigeria, were contained in a memo to President Tinubu, titled, “Report of the Investigation of the Acquisition of Union Bank of Nigeria by Titan Trust Bank.”

The special investigator had requested the CBN to provide his team with all relevant documents, and from what he got, the name of Titan Trust Bank (TTB) was seen as the Special Purpose Vehicle (SPV) for the acquisition.

According to the report, in the documents from the apex bank, it was found that TTB had in a letter of October 25, 2021, sought CBN’s no-objection to its proposed consolidation with Union Bank excluding its UK operations.

This, the letter noted, should be in four phases: the acquisition of 91.5 per cent of the issued shares of the UBN; Mandatory Tender Offer (MTO) for the remaining shares of the UBN; buyout of any share not voluntarily sold to TTB on the MTO; and merger of TTB and UBN with UBN as the surviving entity.

It also stated that consolidation was to be funded via a combination of debt and equity, and CBN via letters dated March 3 and 9, 2022, which granted no objections to TTB’s request to obtain a $300,000,000 facility from Afrexim Bank, as well as capital injection of $175,000,000 from two existing shareholders of TTB; Messrs Luxis International DMCC and Magna International DMCC, all purportedly operating from Dubai in the United Arab Emirates.

And the TTB, via a letter dated June 3, 2022, informed the CBN that it had made the payment of the purchase consideration to the selling shareholders on June 1, 2022, and had thus successfully completed the acquisition of 93.4 per cent of the issued shares of the Union Bank.

The investigator stated in his report to the president that, “When carrying out our investigation, we discovered that some persons were used as proxies by Mr Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank, all from ill-gotten wealth. We were able to secure some documents, and investigation reports will lead to the forfeiture of the two banks by the federal government.

"We have completed our investigation on this acquisition and have also held meetings with relevant parties except for Mr Cornelius Vink (currently hospitalised in Switzerland). We are on the verge of recovering these two banks for the federal government,” the document showed.

Acquisition of Keystone Bank

In another finding titled, “Report of the Investigation of the Acquisition of Keystone Bank,” submitted by the special investigator to President Tinubu, it was stated that after due diligence, it was discovered that some persons were used as proxies with the connivance and assistance of Emefiele and the CBN to acquire the bank without evidence of payment.

It stated, “AMCON MD moved N20billion to Heritage Bank as placement sometime in 2010. On the back of that, Heritage Bank granted a loan of N25billion to the promoters of Isa Funtua/Emefiele group’s acquisition vehicles to buy Keystone Bank.

"The loan was further backed by the shareholders of the bank. Upon acquisition, Keystone Bank returned the N20bn back to Heritage Bank as placement. Thereafter, Heritage Bank repaid AMCON from the cash flow created.

“When the loan granted by Heritage Bank to Isa Funtua/Emefiele’s acquisition vehicles matured with outstanding balance, the MD of Heritage Bank (which was then in serious liquidity crisis), called for repayment. Unfortunately for the shareholders of the bank, the Isa Funtua/Emefiele Group could not repay.

"Consequently, the MD of Heritage got his lawyers to write to the bank on two occasions, threatening to take over Keystone Bank based on the shares they had pledged as security.

“After much pressure from him, Keystone Bank created internal loans of about N50bn between June and October 2019 and moved the proceeds to repay Heritage Bank on behalf of their group. However, the MD of the bank at that time had resigned due to consistent pressure from him and the shareholders to comply. The internal loans so created are not being serviced and have gone bad.

"The special investigator has commenced the interrogation of the MD of AMCON to clarify the situation of the acquisition of both Polaris and Keystone banks beside Arik Air, Aero Contractors and the financial reporting by AMCON,” it stated.

The document showed that the investigator would continue the interrogation of the AMCON MD yesterday, December 22, 2023; and based on preliminary report, Keystone was acquired for free, just as Polaris Bank.

On the issue of Union Bank acquisition, our correspondent last night tried to hear from the officials but was not successful.

However, after insider information in June this year, Daily Trust also wrote to Mrs Olufunmi Aluko, Head, Corporate Communication, Union Bank, to provide some clarification on the transaction surrounding the acquisition of the bank by Titan Bank.

This was before the appointment of the special investigator on happenings in the CBN.

Specifically, one of our reporters sought to know the core investors or individuals behind the acquisition, but unfortunately, that enquiry has not been answered.

Polaris and Keystone banks have not yet reacted to the report.

https://dailytrust.com/how-emefiele-used-proxies-to-buy-union-keystone-polaris-banks/

This man is the biggest fraud after abacha.

PUSSYHOE:
This man is the biggest fraud after abacha.

But unlike Abacha , this one has the apex Ohaneze group defending him.


Arewa never defended Abacha's looting.

Afenifere nor PANDEF have never stuck their necks out for anyone facing criminal charges.

But Ohaneze seems to be into the business of defending criminals and terrorists .

The apex Igbo socio-cultural organisation, Ohanaeze Ndi Igbo, on Saturday, condemned the suspension of the the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, describing the action by President Bola Tinubu as a sign of ethnic cleansing.


Will these shameless elders in Ohaneze still come out in their blind tribalistic defense of Emefile after all the theft and corruption exposed by the special investigative team?

Servitude is a disease which is in the genes of born lower humans.

Tell & how is a Southern Christian is made to bear the brunts of the failures of the past corrupt maladministration of Buhari who was praised to go & chill in Daura by the emilokans.

Buhari as a higher muslim caliphate cannot be touched together with his higher muslims cabinet members while chasing a man from the SS who took orders from his nepostic, corrupt Boss Buhari.

The corruption, looting perpetrated by members of the higher muslims caliphate ministers under Buhari's maladministration were made to take a bow & enjoy their loots while the lower muslims are chasing a SS Christian man using him as a scape goat to prove that they are indeed lower muslims

Kyari the MD of NNPC, a corrupt higher muslim caliphate Minister in the Buhari maladministration was re-appointed by lower muslims despite the monumental corruption that trailed his execution of NNPC

The Past Minister of Aviation who stole billions flaunting an Ethiopian air line Was made to get away wuth his corrupt deals as a member of the higher muslim caliphate

Even a woman muslim who was the Finance Minister under Buhari who shared the Nigeria's revenue like Tom Tom sweets to other higher muslim caliphate in Buhari's cabinet was made to chill with her rascality, looting, recklessness, unaccountability while they chase a SS Christian from the South

My fellow SS brothers i hope you all can see the double Standard & hatred some lower people have for our people. They hate & jealous our hardworking Christian People from SS , the same thing they hate & jealous our close door neigbours & true brothers from the SE who always stands for equity & justice.

My SS people look at the comments in this thread from lower muslims & clear your doubts

G

I wonder why this guy was unsupervised??

I was shocked how a small company just woke up overnight to buy Union bank. I knew something was not right. Especially seeing the barkers are from.....N

Tribalist and nepotism govt

DatNiggaDaz:


Servitude is a disease which is in the genes of born lower humans.

How & tell how a Southern Christian is made to bear the brunts of the failures of the past corrupt maladministration of Buhari who was praised to go & chill in Daura vy the emilokans as a higher muslim caliphate he is while chasing a man from the SS who took orders from his nepostic Boss Buhari.

The corruption, looting perpetrated by members of the higher muslims caliphate under Buhari's maladministration were made to take a bow & enjoy their loots while the lower muslims are chasing a SS Christian man using him as a scape goat to prove that they are indeed lower muslim

Kyari the MD of NNPC, a corrupt higher muslim in the Buhari maladministration was re-appointed by lower muslims

The Past Minister of Aviation who stole billions flaunting an Ethiopian air line Was made to get away wuth his corrupt deals as a member of the higher muslim caliphate

A woman muslim who was the Finance Minister under Buhari who shared the Nigeria's revenue like Tom Tom sweets to other higher muslim caliphate in Buhari's cabinet was made to chill with her rascality, looting, recklessness, unaccountability while they chase a SS Christian from the South

My fellow SS brothers i hope you all can see tge double Standard & hatred some lower people have for our people

Stop this rubbish.

So Emefile's own crimes should be dismissed because the other cabal members are yet to face similar open investigation ?

The cabal operated around Emefile .


You get Emefile , you get him to sing his ass out.

This is the Elliot Ness way of clamping down on crime - go after the accountant and everything will fall into place.


Emefile was neck deep in the looting and part of the cabal syndicate you all hated.

So why are you now calling for his release ?

DomPerignon:
Stop this rubbish.

So Emefile's own crimes should be dismissed because the other cabal members are yet to face similar open investigation ?

The cabal operated around Emefile .


You get Emefile , you get him to sing his ass out.

This is the Elliot Ness way of clamping down on crime - go after the accountant and everything will fall into place.


Emefile was neck deep in the looting and part of the cabal syndicate you all hated.

So why are you now calling for his release ?

Mr man are you a lower muslim Why the guilty conscience. Who are you to judge Emiefele Are you part of the higher muslim caliphate

What is your job in the maladministration of Buhari. How do you know that Emiefele the SS Christian man Was neck deep in corruption

I have already seen you have dragged Ohaneze into your servitude because of your hatred for the Christian SS & SE. You are deceiving yourself & members of your lower muslim coven not the Christian SS & SE

We know your Modus operandi you condemn every hardworking Christian from the SS & SE while defending those who gave orders for corruption & perpetrated the worst corruption & looting in the history of Nigeria because they represent the higher mudlimm caliphate

Just dey play

DatNiggaDaz:
Mr man are you a lower muslim Why the quilty conscience. Who are you to judge Emiefele Are you part of the higher muslim caliphate

What is your job in the maladministration of Buhari. How do you know that Emiefele the SS Christian man Was neck deep in corruption

I have already seen you have dragged Ohaneze into your servitude because of your hatred for the Christian SS & SE.

Pls never in your life put SS and SE in one statement .


The Anioma people that are selling their land to you guys can join your Biafra as it seems they are hell bent on repeating the foolishness of the occupation of the Midwest

DomPerignon:
Pls never in your life put SS and SE in one statement .


The Anioma people that are selling their land to you guys can join your Biafra as it seems they are hell bent on repeating the foolishness of the occupation of the Midwest

I have hit you very hard bro. You are now in sifia pains. I put it to you again that GOD should give my SS people the wisdom to know their true enemies. Your Intention on this thread has been exxposed,. Younare pained that Ohaneze is fighting for their Kits & kins by calling out the double Standards of the lower muslim people.

You have attacked Ohaneze who are fighting for equity for their Christian SS brother & you are angry about it

Your aim is to seperate & cause division between the Christian SS & SE while punishing our brother alone for the failure of his boss because his boss is a higher muslim caliphate

Bro you are wasting your time. The SS & SE have seen the hatred from those who hates & see nothing good in them since the fraudulent election of 2023.

I say it to you agsin bro, your division between the SS & SE will never work. We in the SS are taking notice of your hatred, jealousy, hypocrisy & double Standards in the maladministration of Nigeria by lower muslims

DomPerignon:
Pls never in your life put SS and SE in one statement .


The Anioma people that are selling their land to you guys can join your Biafra as it seems they are hell bent on repeating the foolishness of the occupation of the Midwest

Bro, If i face you , you will call the mods for help. Desist as a lower muslim to say any nonsense concerning the SS or SE.

Stay on your lane. You are not from SS or SE. Never you call Anioma in your life . Support your emilokan disaster with your full chest & stop trying miserably to cause division between the SS & SE.

You can see that Ohaneze don't really give a fu" ck about your opinion. They stand gidigba for their SS kins & Kits

But unlike Abacha , this one has the apex Ohaneze group defending him.


Arewa never defended Abacha's looting.

Afenifere nor PANDEF have never stuck their necks out for anyone facing criminal charges.

But Ohaneze seems to be into the business of defending criminals and terrorists .

Mr, was Abacha the CBN Governor You just showed your hatred for the SS Christian man Emiefele, demonizing Ohaneze while praising Arewa as the higher muslim caliphate, praising Afenifere because of tribalism, praising Pandev because you want to claim brotherhood to avoid Pipelines bombing which can stop the cash flows for lower muslims to buy yacht, buy Prostitution in Newyork & travel for climate change with slay Queens abi

Emefieoleeeeeeeeeeee

DatNiggaDaz:
Bro, If i face you , you will call the mods for help. Desist as a lower muslim to say any nonsense concerning the SS or SE.

Stay on your lane. You are not from SS or SE. Never you call Anioma in your life . Support your emilokan disaster with your full chest & stop trying miserably to cause division between the SS & SE.

You can see that Ohaneze don't really give a fu" ck about your opinion. They stand gidigba for their SS kins & Kits



Mr, was Abacha the CBN Governor You just showed your hatred for the SS Christian man Emiefele, demonizing Ohaneze while praising Arewa as the higher muslim caliphate, praising Afenifere because of tribalism, praising Pandev because you want to claim brotherhood to avoid Pipelines bombing which can stop the cash flows for lower muslims to buy yacht, buy Prostitution in Newyork & travel for climate change with slay Queensland abi

Emefieoleeeeeeeeeeee is your kinsman

A member of the higher muslim caliphate the former Minister of Aviation after looting the ministry dry is now an islamic scholar on tweeter

He has looted the ministry ,abracadabra..He now has a Bombadier private jet

He is now preaching

When will this private investigator investigate lagos state accounts from 1999?
We wan check something.