Nigeria to buy banks acquired by deposed Central Bank governor

Nigeria is currently taking over two banks that were allegedly purchased by the ousted Governor of the Central Bank, Godwin Emefiele, at a substantial discount.Shortly after Tinubu took office in late May, Emefiele was suspended; he was later taken into custody and charged with fraud.The former governor of the Central Bank of Nigeria (CBN) is facing charges of six counts of fraud and corruption, out of a 20-count indictment. This is one of the most well-known cases in Nigeria right now. In response to these events, the president of Nigeria ordered an investigation of the monetary authority's operations and gave the go-ahead for cooperation with law enforcement and anti-corruption organizations. The ex-central banker reportedly acquired two banks, including Union Bank of Nigeria and Keystone Bank, using various proxies and funds deemed as "ill-gotten wealth" and "without evidence of payment," according to the report by Jim Obazee submitted to the president and seen by Bloomberg.