Scandal: Emefiele and AMCON Boss Connived To Sell Banks

Former Central Bank of Nigeria Governor Godwin Emefiele and Assets Management Corporation of Nigeria CEO Ahmed Kuru are accused of using public funds and their positions to acquire Polaris, Keystone, and Union Banks.

The CBN’s intervention in Union Bank in 2009 led to the removal of executive management. However, an investigation revealed alleged manipulation of the bank’s finances, with a significant negative impact on shareholders’ funds. The CBN appointed management is accused of adopting practices that led to the erosion of the bank’s financial position, potentially to justify its liquidation or sale.

Additionally, there are allegations of fund transfers and questionable takeovers involving Union Bank, Keystone Bank, and Bank PHB. SaharaReporters’ investigation revealed that Union Bank’s management transferred $500 million to FBN through Union Bank Plc, London in April 2013, with the source of the funds known but their destination in FBN unknown. Furthermore, the acquisition of Keystone Bank has been criticized, with claims of organized takeover schemes and corruption involving the CBN’s management and AMCON.

The CBN’s management and AMCON are accused of collusion and corruption in these acquisitions, including forcefully purchasing non-performing loans and eroding shareholders’ capitals to justify their actions.

A legacy shareholder of Bank PHB criticized the CBN and AMCON for dispossessing them of their investments. Additionally, there are claims of corruption and injection of funds into companies taken over by the CBN and AMCON, exposing alleged wrongdoing by those appointed to manage bridge banks and companies in receivership.

Overall, the allegations suggest a pattern of misuse of public funds and abuse of power by high-ranking officials in the CBN and AMCON, potentially leading to significant financial losses and undermining the integrity of the banking sector in Nigeria.

This news was summarised from Sahara Reporters