E-Financial
CBN’s Special Investigator, Jim Obazee Accuses Emefiele of Using Proxies to Buy Banks
Jim Obazee, the special investigator appointed by President Bola to investigate the activities of former Central Bank Governor, Godwin Emefiele, has revealed in his report that the former apex bank chief used proxies to acquire some banks in the country.
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.
According to Punch, this is coming on the heels of findings by the investigator that Emefiele illegally lodged billions of naira in foreign currencies in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.
Obazee found out that the ex-CBN governor lodged £543,482,213 in fixed deposits in UK banks alone without authorisation. Emefiele, who is currently in the Kuje Custodial Centre, is being prosecuted for N1.2bn procurement fraud.
Obazee, who was appointed special investigator in July, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to the President on Wednesday. He had earlier submitted an interim report on the probe of the CBN and related entities on December 9.
In his letters to the President, Obazee said he had completed his investigation into the illegal acquisition of Union Bank by Titan Banka nd was on the verge of recovering the two banks for the Federal Government.
He stated in his letter to the President, “When we carried out the investigation, we discovered that some persons were used as proxies by Mr Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.
“We were able to secure some documents and investigation reports will lead to the forfeiture of the two banks to the Federal Government. We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr Cornelis Vink, who is currently hospitalised in Switzerland.
“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”
During the probe into the UBN acquisition supervised by the Emefiele-led CBN, Obazee explained that he requested the apex bank to furnish him with the details of the deal.
Findings indicate Titan Trust Bank sought the CBN’s no-objection to its proposed consolidation with UBN, excluding its United Kingdom operations via a letter dated October 25, 2021.
In the letter, TTB stated that the consolidation was being contemplated in four phases via acquisition of 91.5 per cent of the issued shares of UBN; mandatory tender offer for the remaining UBN shares; buyout of any share that were not voluntarily sold to TTB on the MTO; and merger of TTB and UBN with UBN as the surviving entity.
The TTB letter also stated that the consolidation was to be funded via a combination of debt and equity. The CBN in a letter dated March 9, 2022 granted no-objection to TTB’s requests to obtain a $300m facility from Afrexim Bank as well as capital injection of $175m from two existing shareholders of TTB, Luxis International DMCC and Magna International DMCC.
The TTB, via a letter dated June 3, 2022, informed the CBN that it made the payment of the purchase consideration to the selling shareholders on June 1, 2022, and thus completed the acquisition of 93.41 per cent of the issued shares of UBN.
According to the investigator, the TTB sought approval for the mandatory takeover of the remaining 6.59 per cent of UBN shares vide a letter dated October 14, 2022.
The MTO was reportedly triggered by the successful acquisition of 93.41 per cent of the UBN shares and TTB was granted a no-objection to acquire the remaining 6.59 per cent shares through a letter dated October 24, 2022.
On November 2, 2022, the TTB officially launched the MTO, offering to acquire the remaining shares and the MTO concluded with the TTB purchasing an additional 0.64 per cent of the issued shares of UBN, thus bringing its total shareholding to 94.05 per cent.
To approve a scheme arrangement between itself and the holders of the balance of 5.95 per cent shares not yet bought by the TTB following an order of the Federal High Court, the UBN convened a meeting on June 13, 2023. This was expected to result in the transfer of the outstanding UBN shares to TTB.
The investigation report noted, “The process to acquire the remainder of 5.95 per cent of the issued share capital of UBN by TTB is ongoing through a court-ordered scheme of arrangement between itself and the holders of the balance of 5.95 per cent.
“TTB stated that its ultimate objective is to acquire 100 per cent of the total outstanding shares of UBN.” Further investigation showed that TTB is owned by Luxis International DMCC and Magna International DMCC, said to be based in Dubai, United Arab Emirates.
The two firms were said to be owned by Vink Corporation Middle East FZC, which is controlled by Cornelis Vink. However, efforts to verify the corporate status of Luxis and Magna in Dubai failed as they did not have a physical presence in the Arab country as claimed.
“This contravenes Section 3(5) of the Banks and Other Financial Institutions Act, 2020. Accordingly, they are not supposed to be allowed to operate or acquire a bank in Nigeria,” the report declared.
It stated, “The special investigator probed the activities of the TTB and discovered that there is a mysterious shareholder who has given interest-free long-term loan to (with no fixed repayment schedule) to the entities mentioned above (Luxis International DMCC and Magna International DMCC). This mysterious shareholder is believed to be Mr Godwin Emefiele.
“The special investigator requested the supposed owner of TTB and ultimate acquirer of Union Bank of Nigeria, Mr Cornelis Vink, to submit proof of funds, internationally verifiable bank statements (from incorporation of the entities to date), and the shareholder that gave interest-free loans to the two entities separately, names, nationality, source of fund, proof of fund, bank statements) as well as relationship of the entities with Mr Andrew Ojei, Jerome Shogbon, Rahul Savara, Winston Odeh, Adaeze Udensi, Ekene Louis, Godwin Emefiele, Macombe Omoile, Tunde Lemo, Mudassir Amry, Faruk Gumel, Oluremi Oni, and Vink Corporation Middle East FCZ together with the details of the shareholder that also gave Vink Corporation interest-free loan and your good self.
“A letter came from Union Bank of Nigeria claiming he is sick and can only come to meet with the special investigator or submit the documents requested when he gets well by the end of September 2023. As of today, December 20, 2023, we are yet to hear from him nor receive any of the requested documents.
“We are informed that they want to seek a political solution. The special investigator is of the view that the TTB and UBN be recovered by the Federal Government, strengthened and sold in the nearest future.
“A meeting was initially scheduled for December 5, 2023, with the Board of Directors of the two banks by the CBN Deputy Governor for Financial System Stability to close out discussions on this matter. The meeting has been postponed.”
On the alleged acquisition of Keystone by Emefiele through proxies, the investigator explained that sometime in 2017, the Asset Management Corporation of Nigeria moved N20bn to Heritage Bank and on the back of that, the bank granted N25bn loan to the promoters of Isa Funtua/Emefiele Group’s acquisition vehicle to buy Keystone Bank and the loan was further backed by the shares of the bank.
Upon acquisition, Keystone reportedly returned the N20bn to Heritage Bank as placement and Heritage thereafter repaid AMCON from the cash flow so created.
The report read in part, “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 Funtua/Emefiele group could not repay.
“Consequently, the MD of Heritage Bank 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 the shareholders.
“Before this, Godwin Emefiele as governor of the central bank had mounted pressure on the bank for these loans to be created within Keystone Bank on behalf of their group.
“However, the MD of the bank at that time resigned due to the consistent pressure from him and the shareholders to comply. The next in command, the deputy managing director, who subsequently became the acting MD, also resigned within three months for the same reason.
“Thereafter, an executive director, who then became the acting MD, took his vacation to avoid pressure for the approval of the loans. Unfortunately, the GM, Risk Management (Mr Tijjani Aliyu) and GM, Corporate Banking (Mr Niran Olayinka) approved the loans (about N50bn) while he was away and moved the proceeds to Heritage Bank for the repayment of the shareholders’ loans. The above loans, which are not being repaid currently, have total outstanding balance in excess of N64bn.”
The investigation also found that the credit approval memoranda were passed by the two GMs to the bank’s chairman, Alhaji Umaru Modibbo, who gave the final approval for disbursement, adding that the process bypassed the Management Credit Committee, Board Credit Committee and full board before disbursement.
“As a reward, the two GMs were immediately appointed executive directors, while one of them became the MD over the acting MD, who used to supervise him. The internal loans so created are not being serviced and have gone bad,” Obazee submitted.
The investigator informed the President that he had commenced the interrogation of the AMCON managing director on the acquisition of both Polaris and Keystone banks besides Arik Air, Aero Contractors and financial reporting by AMCON.
The AMCON MD was said to have told the investigator that “the N898bn liquidity support into Polaris Bank is not part of the SPA, which it should” and that “the N50bn paid for the transaction by the preferred bidder is not received by AMCON.”
Obazee said a preliminary review of the case showed that “Keystone was acquired for free as did Polaris Bank and the special investigator should liaise with the CBN to recover these two banks to the Federal Government of Nigeria.”
NGX Regulation Limited has given a 10 working-day ultimatum to Global Assets Management Limited, a securities company, to resolve the allegations of alleged forgery, theft, diversion of proceeds, and possibly money laundering leveled against it by Mr Kolawole Oladapo Adesina, a complainant.
Adesina had alleged that shares belonging to him and Emmanuel Olanipekun Adesina, his late father, from different companies were stolen and proceeds diverted to unknown persons.
In the same vein, the Securities and Exchange Commission (SEC) also launched investigations into the same complaints against the same securities company.
NGX Regulation, is a wholly owned subsidiary of Nigerian Exchange Group (NGX group) committed to promoting just and equitable principles of trade and sound business practices in the Nigerian capital market by strictly enforcing clients’ listing and trading rules in accordance with global best practices.
Its activities seek to promote the integrity, transparency and efficiency of our market, ensuring that the standards set are effective in maintaining a fair and orderly market where investors are adequately protected.
In a letter with reference number NGXRECO/MRIVG/7160/1/26, signed by Chinedu Akamaka, Head, Market Regulation, the regulatory body acknowledged the petition of the complainant and stated that “In line with rule 5(4) of the Securities and Exchange Commission’s (SEC) rules on Complaints Management Framework of the Nigerian Capital Market 2015, your firm is required to solve this complaint within ten(10) working days and forward a report on resolution or non resolution. Your report should reach NGX Regco not later than 30 January 2026”.
SEC, in its own letter dated January 7, 2026 and signed by Mr John Abel Briggs, the Head, Lagos Zonal Office stated that while acknowledging Adesina’s petition, it has commenced investigations into the matter.
“Please be informed that we have commenced investigations by seeking Global Assets Management Limited, CSCS, and NGX to investigate the allegations in line with the Complaint Management Framework of the Nigerian Capital Market (NCM).
The company in the eyes of the storm, Global Assets, has however denied any wrongdoing in its reply addressed to NGX Regulation and signed by Sir Babatunde Sobamowo, managing director, saying the allegations were unfounded.
Adesina, still smarting from the shocking revelation that his father, Prince Emmanuel Olanipekun Adesina, a late Banker with the United Bank of Africa (UBA) who allegedly died intestate did not, but has a will.
He’s currently battling to have the will read at the Probate Registry of the High Court of Lagos State, Ikeja Judicial Division.
In the many shocking revelations while going through his parents’ documents, he discovered many shares his father had bought for him since the time of his youth.
Most of these shares, and that of his father, has disappeared without a trace, only relying on the father’s documentation to trace them.
In a 15 paragraph affidavit he deposed to and filed at the registry of the Ikeja High Court, which formed his petition before SEC, the complainant narrated his ordeal this:
“I am the beneficial owner of securities and investments held with Global Asset Management Limited under account number 23278460(old account number A0457245) and Clearing House No C4928105AN. I have held the investments registered in my name since my childhood, acquired and maintained by my late father for my benefit.
My late father, whose particulars I can provide on request, purchased shareholdings in my name up to and including the date of his death on February 21, 2006.
I did not authorize any sale of the Securities held in my account and have never knowingly sold any holdings in that account;
“On or about August 25,2022 when I attended the offices of Global Assets Management to effect a sale of certain securities to raise funds, I was provided with documentation and account records indicating that a substantial (and in some cases total) portion of my securities had already been sold and the sale proceeds diverted.
“No such sale had been authorized by me and no proceeds of such alleged sale were paid to me or credited to the account records held by Global Assets in my name;
“Upon inspection of the physical file and documents in my possession and in the custody of Global Assets Management, I discovered numerous stock transfers, notes on sale and other documents bearing my signature which I did not sign. I verily believe that the said signatures are forged”.
With this discovery, Adesina directed his lawyers, Pich Solicitors, to write a letter of demand to the company requesting production of all documents and materials relating to his account from February 21, 2006 till date. The company however failed to comply. He therefore urges SEC to compel the company to produce the documents and other materials requested. He fears if it’s not compelled, the company may alter, delete, or otherwise fail to preserve records relevant to the matters that are subject of his complaint.
Adesina exhibited over 10 documents to support his complaint which include copies of his account statements, copies of stock transfers bearing alleged forged signatures, CSCS certificate/ deposit forms relating to his holdings, sales contract notes and transaction confirmations, CSCS printout on stocks held in his name, dividend statements and dividend warrants in his name, copies of his share certificates in Berger Paints Nigeria Plc, Nigerian Bottling Company Plc, Grammac Industries Plc, and West African Portland Cement Plc. “I unequivocally and verily believe that the exhibits listed are materials relevant to the issues raised in this application and that they substantiate the allegations of unauthorized sales, forged signatures,and diversion of sales proceeds”, he averred.
Adesina’s petition was copied to the Chairman of Global Assets Management, Dr S.T.V Adegbite and all other directors of the company. It’s also copied to DG SEC, CEO, Nigerian Exchange Group, MD, Central Securities Clearing System Plc(CSCS), The Chairman, Economic and Financial Crimes Commission (EFCC), Director, Nigerian Financial Intelligence Unit(NFIU), and Commissioner of Police, Force CID(Financial Crimes Unit).
In its response addressed to NGX Regulation, Global Assets Management Limited described all the allegations as unfounded. “In compliance with our regulatory obligations, we have carefully reviewed the allegations contained in the petition and hereby provide our response, addressing each issue raised by the petitioner sequentially and supported by relevant documentation”, the response stated.
The company explained that their real client was the petitioner’s mother, late Mrs Frances Omorolaun Adesina. “Our professional relationship with her spanned several years during which she conducted securities transactions through our firm until her demise. At no time prior to her death did the petitioner operate the relevant account independently or maintain a separate trading mandate with GAM”, it stated.
GAM maintained that its first formal interaction with the petitioner occured through his lawyer, Pich Solicitors, requesting information relating to the state of the petitioner’s father. Subsequently the petitioner personally visited and was availed with a CSCS statement relating to his account and a KYC update form which the petitioner never returned.
The company stated further: “According to records obtained directly from CSCS, the only securities credited to the petitioner’s account were deposited on September 15, 2009, three years after the death of his father in 2006. We are unable, and not required to determine whether the shares were purchased by his late father or late mother. However the records show that no securities were deposited into the petitioner’s account in 2006 or earlier. Only three securities were deposited through GAM”.
The company also listed as exhibits documents which includes a duly executed sale order form dated April 4, 2014, Statement of account of the late mother, copy of cheque, letter of authority dated January 11, 2014 signed by the petitioner and his sister authorizing their late mother to transact on matters relating to their father’s estate, and GAM bank statement confirming payment of the proceeds to the named beneficiary.
However, there seems to be discrepancies in the signature tendered by both parties as they did not correspond. SEC will therefore determine which one is genuine and having regard to the power of a parent to trade on an adult child securities without proper consent.
Credit… The Nation
KongaPay has announced that users have collectively saved more than N3.2 billion through its K-Save product, an outstanding milestone in Nigeria’s fast-evolving digital finance landscape.
K-Save, KongaPay’s savings feature, allows users to set aside funds seamlessly within the Konga ecosystem, combining ease of access with automated savings habits.
As inflation continues to erode disposable income, digital savings products like K-Save are emerging as practical instruments for everyday financial resilience.
Industry analysts note that such platforms play a growing role in Nigeria’s broader financial inclusion agenda, particularly among young professionals, informal sector workers, and digitally native consumers who may be underserved by traditional banking models.
KongaPay described the achievement as a community-driven milestone, crediting users for consistently committing to savings goals despite macroeconomic headwinds.
The company said the ₦3.2 billion saved so far represents thousands of individual financial journeys, ranging from emergency funds and education plans to business capital and long-term wealth building.
With Nigeria’s fintech sector increasingly focused on deposits, savings, and wealth management, beyond payments alone, the K-Save milestone positions KongaPay as an active participant in shaping consumer savings behaviour in the digital economy.
As competition intensifies across fintech savings products, platforms that combine trust, accessibility, and tangible value are expected to capture a growing share of Nigeria’s expanding digital finance market.
There’s something uniquely agonising about having your cryptocurrency stolen. All transactions are recorded in a digital ledger, known as a blockchain, so even if someone takes your money and puts it in their own crypto wallet, it remains visible online.
“You can see your money there on the public blockchain, but there’s nothing you can do to get it back,” says Helen, who lost around $315,000 (£250,000) to thieves.
She likens it to watching a burglar pile up your prized possessions on the other side of an impassable chasm.
For seven years, Helen and her husband Richard (not his real name), both UK residents, had been buying and stacking up crypto coins called Cardano.
They liked the idea of investing in a digital asset that had the potential to rise dramatically in value, unlike funds saved in more conventional ways. They knew it was riskier, but they were careful to keep their digital keys safe.
But somehow hackers got into their cloud storage account, where they kept information about their crypto wallets and how to access them.
In February 2024, after a small test transfer, the criminals swiftly and silently transferred all the couple’s coins to their own digital wallets.
The couple then watched for months as their money was moved from one wallet to another, powerless to do anything. (The inherent contradiction with cryptocurrency is that all transactions are publicly trackable, but users can be publicly untraceable if they choose.)
Helen and Richard are not wealthy. She is a personal assistant, he is a composer, and they had high hopes for their Cardano investments.
“We’d been buying these coins for so long… We used every scrap of money we could find to buy more,” says Richard. “Aside from my parents’ deaths, this theft is the worst thing to happen to me.”
Ever since, Helen has been on a mission to recover their money. She obtained detailed reports from various police forces and the Cardano developers. Now, even though she has the criminals’ wallet addresses, there is nothing anyone can do to unmask them.
Their plan is to save up enough to engage private investigators to try to trace the hackers.
“It leaves you with a feeling of helplessness,” she says, “but I am going to keep trying.
An explosion in crypto crime
A survey carried out for the Financial Conduct Authority (FCA) in August 2024, suggested that approximately 12% of British adults owned crypto-assets – equivalent to about seven million people.
Globally, it has been estimated that 560 million people are now crypto owners. But as ownership rose, so did theft. The pandemic ushered in a surge in the value of crypto coins and, with it, an explosion in attacks on the industry.
And 2025 was another bumper year for crypto criminals, with total thefts standing at more than $3.4bn (£2.5bn), according to investigators at blockchain analysis firm Chainalysis. The annual figure has remained in the same ballpark since 2020.
Most of the money is being stolen through massive cyberattacks on crypto companies. For example, North Korean hackers swiped $1.5bn (£1.1bn) from crypto exchange Bybit in February 2025.
The losses in this case and the vast majority of others are covered by the deep-pocketed crypto firms, with little impact on individuals. But 2025 also saw an increase in the number of attacks on individual crypto investors.
Chainalysis research says these individual attacks rose from 40,000 in 2022 to 80,000 last year.
Hacking, scamming or coercing of individuals accounted for an estimated 20% of all crypto value stolen – estimated at $713m (£532m).
But the company adds that the number could be far higher, as not all victims will choose to report thefts publicly. When this happens, you could be left on your own.
Many thefts or scams in traditional finance are covered by banks or card companies. In the UK, you can complain to the Financial Ombudsman Service and may be compensated by the Financial Services Compensation Scheme.
“Crypto remains largely unregulated in the UK and high-risk,” says the FCA. “If something goes wrong, it is unlikely you will be protected so you should be prepared to lose all your money.”
A stark reminder of this comes if you search online for “Binance account hacked” – Binance is the world’s largest crypto exchange with a reported 1.4m UK users – but the page on its website offering advice to victims of theft is blocked in the UK.
The company has not been accepting new UK clients since 2023 because it is not authorised by the FCA to operate. Yet criminals don’t care where victims are, and people are being targeted all over the world indiscriminately.
Chainalysis has described these attacks on individuals as the “under-documented frontier for crypto crime”.
They put the volume of crimes down to the number of people entering the crypto world as investors, as the value of coins has risen, and argue that improved security practices at major services could have pushed “attackers toward individuals perceived as easier targets”.
Then there is the fact that the more crypto you hold and the more public you are about it, the more likely you are to be targeted – small-time holders (or hodlers, as the community calls them) are far less likely to be affected.
Burglaries, muggings and ‘wrench attacks’
As for the thieves, they could be anywhere.
In October, blockchain researchers from Elliptic, a crypto analysis company, warned that North Korean state-sponsored hackers are increasingly targeting wealthy cryptocurrency owners. There are plenty of young scammers and hackers from other countries, too.
In December in the US, 22-year-old Evan Tangeman pleaded guilty to being part of a group of crypto thieves calling themselves the Social Engineering Enterprise, who are accused of stealing more than $260m (£194m) between October 2023 and May 2025.
Prosecutors allege they targeted the crypto-rich using hacked databases, tricking victims into thinking they were cryptocurrency exchanges, and persuading them to transfer coins.
Members of the gang, who were all young men mostly in the US, are said to have spent the stolen coins on private jets, expensive cars and luxury handbags that they would give away at nightclubs.
In some cases, prosecutors say, the gang organised home break-ins to steal hardware containing the keys to crypto stashes.
Burglaries and muggings have become so common that there is now a term for them in the crypto community – “wrench attacks” – so called because criminals have been known to threaten victims with spanners.
Last April, crypto criminals in Spain tried to force a man and woman to part with their cryptocurrency.
Spanish police said the man was shot in the leg and he, along with his partner, were held captive for several hours while the criminals tried to access their crypto wallets. Eventually, the woman was released, but her partner remained missing, with his body later found in woodland.
Five people were arrested in Spain in connection with the case, while four others in Denmark were charged.
There have been several similar cases in France, including one when an attempted kidnap was captured on video.
Source.. BBC
NGX Gives Securties Firm 10 Days to Resolve Theft, Forgery Allegations
KongaPay K-Save Users Save over N3.2Bn
NCC Gives Amazon’s Kuiper, BeetleSat Nod to Provide Satellite Broadband Services in Nigeria
Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy
NCC Unveils Spectrum Roadmap to Power Nigeria’s $1tr Digital Economy
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
FIRS Declares NIN, CAC Numbers as Tax IDs from 2026
US Begins Partial Visa Ban on Nigerians January 1
Galaxy Backbone Tops FG’s Website Performance Ranking
E-Financial2 days agoHere Are Nigerian Banks That Have Secured Their Licences
Telecom2 days agoMTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD
E-Financial2 days agoZenith Bank Top Nigerian Bank Pick Ahead of GTCO, AccessCorp
News2 days agoICPC Charges Ozekhome with Forgery, Corruption Over London Property
E-Financial2 days agoNigeria Processed $92.1Bn Crypto Transactions in 12 Months — PwC
E-Financial2 days agoHow Crypto Criminals Stole $700m from People – often Using Age-Old Tricks
Telecom2 days agoLebara Launches Agent Registration Portal
E-Business2 days agoElon Musk Seeks $134Bn from OpenAI, Microsoft for ‘Wrongful Gains’