{"id":134608,"date":"2023-12-24T08:54:24","date_gmt":"2023-12-24T08:54:24","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/24\/emefiele-cbn-connived-with-proxies-to-acquire-keystone-bank-for-free-probe-panel\/"},"modified":"2023-12-24T08:54:24","modified_gmt":"2023-12-24T08:54:24","slug":"emefiele-cbn-connived-with-proxies-to-acquire-keystone-bank-for-free-probe-panel","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/24\/emefiele-cbn-connived-with-proxies-to-acquire-keystone-bank-for-free-probe-panel\/","title":{"rendered":"Emefiele, CBN Connived With Proxies To Acquire Keystone Bank For Free \u2014 Probe Panel"},"content":{"rendered":"

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A report by the special investigation panel on the Central Bank of Nigeria (CBN) and related entities, says Keystone bank was acquired without payment evidence.<\/p>\n

Jim Obazee, a special investigator, said some persons were used as proxies with the \u201cconnivance and assistance\u201d of Godwin Emefiele, the ex-CBN governor and the Central Bank, to acquire Keystone.<\/p>\n

The report, submitted to President Bola Ahmed Tinubu, comes nearly after six months of probe on the activities of the CBN under Emefiele<\/p>\n

The document details serious acts of corruption and theft in the CBN, perpetrated by senior officials of the bank, including Emefiele who regained freedom on Saturday after spending a month in the Kuje correctional facility for procurement fraud.<\/p>\n

Giving facts leading to the acquisition of the Bank, the Obazee-led panel said the Managing Director (MD) of the Asset Management Corporation of Nigeria (AMCOM) moved \u201cN20 billion to Heritage Bank as placement sometime in 2017.\u201d<\/p>\n

The report said, Heritage Bank granted a loan of \u201cN25 billion to the promoters of ISA FUNTUA\/EMEFIELE GROUP\u2019S acquisition vehicles to buy Keystone Bank.\u201d<\/p>\n

According to the panel, the loan was further backed by the shares of the bank.<\/p>\n

\u201cUpon acquisition, Keystone Bank returned the N20billion back to Heritage Bank as placement. Thereafter, Heritage bank repaid AMCON from the cash flow so created.<\/p>\n

READ ALSO: Emefiele Meets Bail Condition, Leaves Kuje Prison<\/strong><\/p>\n

\u201cWhen the loan granted by Heritage Bank to ISA FUNTUA\/EMEFIELE\u2019s 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 (ISA FUNTUA\/EMEFIELE GROUP) could not repay,\u201d the report partly reads.<\/p>\n

When the group defaulted on the repayment, the panel revealed that Heritage Bank\u2019s MD got his lawyers to write to the bank on two occasions \u2014 threatening to take over Keystone Bank based on the shares they had pledged as security.<\/p>\n

It was learnt that Keystone Bank, after much pressure from him, \u201ccreated internal loans of about N5Obillion\u201d between June and October 2019 and moved the proceeds to repay Heritage Bank on behalf of the shareholders.<\/p>\n

Before this, the panel said Emefiele had used his position to mount pressure on the bank for the loans to be created within Keystone Bank on behalf of their group.<\/p>\n

\u201cHowever, the MD of the bank [Keystone] at that time resigned due to the consistent pressure from him [Emefiele] and the shareholders to comply,\u201d the panel said.<\/p>\n

Two other managing directors also avoided pressure to approve the loans through resignation and vacation.<\/p>\n

Moreso, the loan (about N50 billion) was later approved by \u201cthe GM \u2013 Risk Management (Mr. Tijjani Aliyu) and GM -Corporate Banking (Mr. Niran Olayinka)\u201d, with the proceeds moved to Heritage Bank for the repayment of the shareholders\u2019 loans.<\/p>\n

READ ALSO: Emefiele: \u201cBuhari Should\u2019ve Been Arrested By Now\u201d \u2013 Sowore<\/strong><\/p>\n

the report said the concerned loan accounts in Keystone Bank are Bifem Global Ventures Limited, Bela Associates Limited, Ceder Embrace Limited, DV Hub Limited, Jinzel Aut Intenational Limited, Emerald Global Foods Limited (the two accounts).<\/p>\n

The panel also found that the loans, which are not being repaid currently, have a total outstanding balance in excess of N64 billion.<\/p>\n

The report also disclosed that the credit approval memoranda was passed by the \u201ctwo GMs to the Chairman (Alhaji Umaru Modibbo) who gave final approval for disbursement.<\/p>\n

\u201cAll through that process, they bypassed the Management Credit Committee, Board Credit Committee and Full Board before disbursement. However, they were subsequently ratified,\u201d the panel said.<\/p>\n

\u201cThe internal loans so created are not being serviced and have gone bad.\u201d<\/p>\n

The report said Obazee has commenced the interrogation of the MD of AMCON to clarify the acquisition of both Polaris and Keystone banks.<\/p>\n

So far, the panel noted that the MD of AMCON stated in writing that the acquisition of Keystone Bank was paid by Sigma Golf \u2013 RuisBank Consortium, the preferred bidder.<\/p>\n

He said two payments were received into the account with CBN; \u201cN5.0 Billion and N20.08 Billion in June 2016 and March 2017 from Sigma Golf Consortium.\u201d<\/p>\n

However, the panel said the statement it received from the CBN confirming AMCON MD\u2019s claims did not reflect the banks from which the money.<\/p>\n

The probe panel, therefore, said \u201cKeystone Bank was acquired for free\u201d, based on a preliminary review of the case.<\/p>\n

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A report by the special investigation panel on the Central Bank of Nigeria (CBN) and related entities, says Keystone bank was acquired without payment evidence. Jim Obazee, a special investigator, said some persons were used as proxies with the \u201cconnivance and assistance\u201d of Godwin Emefiele, the ex-CBN governor and the Central Bank, to acquire Keystone. […]<\/p>\n","protected":false},"author":1,"featured_media":134609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-134608","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"\nEmefiele, CBN Connived With Proxies To Acquire Keystone Bank For Free \u2014 Probe Panel - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/24\/emefiele-cbn-connived-with-proxies-to-acquire-keystone-bank-for-free-probe-panel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emefiele, CBN Connived With Proxies To Acquire Keystone Bank For Free \u2014 Probe Panel - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"A report by the special investigation panel on the Central Bank of Nigeria (CBN) and related entities, says Keystone bank was acquired without payment evidence. 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