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Former CBN Governor Godwin Emefiele Detained by EFCC for Alleged Impropriety

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Godwin Emefiele - Investors King

The Economic and Financial Crimes Commission (EFCC) has taken former Governor of the Central Bank of Nigeria, Godwin Emefiele, into custody as part of an ongoing investigation into alleged impropriety during his tenure at the apex bank.

Emefiele was detained on Thursday night, shortly after his release from the custody of the Department of State Services (DSS).

He is currently undergoing interrogation at the National Headquarters of the EFCC in Jabi, Abuja.

This development follows Emefiele’s previous arrest by the DSS in June, coinciding with his suspension from office by President Bola Tinubu, who cited the “ongoing investigation of his office and the planned reforms in the financial sector of the economy” as the reason for his suspension.

The EFCC’s inquiry into the former CBN governor is expected to shed light on allegations of misconduct during his tenure and contribute to the broader examination of financial sector reforms.

The investigation is being closely monitored by both the public and the financial sector, as it underscores the commitment to transparency and accountability in Nigeria’s financial institutions.

Emefiele’s detention marks a significant development in this ongoing investigation, with the EFCC taking deliberate steps to ascertain the facts and ensure a just resolution to the matter.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

UBA Director Aisha Hassan-Baba Invests NGN30.63 Million in Bank Shares

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Aisha Hassan-Baba, an Independent Non-Executive Director of the United Bank for Africa Plc (UBA), has invested NGN30.63 million in the purchase of shares.

According to a disclosure by UBA, Hassan-Baba purchased 1,401,769 ordinary shares at NGN21.85 per share on June 27, 2024.

This acquisition was conducted on the Lagos Nigerian Exchange (NGX), solidifying her stake in the financial institution.

Aisha Hassan-Baba, who holds the prestigious title of Officer of the Order of the Niger (OON), has been a part of UBA’s board, contributing her extensive experience and expertise in guiding the bank’s strategic direction.

Her decision to increase her shareholding is viewed as a testament to her belief in UBA’s growth and profitability.

UBA, with its wide reach across Africa and beyond, has been a cornerstone of financial services in the region.

The Group Company Secretary and Legal Counsel, Bili A. Odum, confirmed the transaction in a press release published on the Nigerian Exchange Group website.

This move by Hassan-Baba comes at a time when UBA continues to expand its operations and innovate its services to meet the evolving needs of its customers.

The bank’s strategic initiatives, coupled with its solid financial performance, have positioned it as a leading financial institution in Africa.

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Banking Sector

Angola to Sell Minority Stake in Standard Bank Angola Amid Anti-Corruption Drive

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The Angolan government has announced plans to sell a minority stake in Standard Bank de Angola SA, previously controlled by a former insurance magnate currently serving a prison sentence.

This step aligns with President Joao Lourenco’s ongoing efforts to dismantle the legacy of corruption from his predecessor’s administration.

The Angolan government seized a 49% stake in Standard Bank Angola from Carlos Sao Vicente in 2020.

Sao Vicente, once a prominent figure in the nation’s business landscape, was convicted of embezzlement and tax fraud, leading to his nine-year prison sentence.

According to a recent presidential decree, President Lourenco has approved the sale of up to 34% of Standard Bank Angola through an initial public offering (IPO).

The state will retain a 15% stake in the Luanda-based lender. Standard Bank Group Ltd., Africa’s largest lender, currently owns the remaining 51% of Standard Bank Angola and has the option to acquire an additional 24% stake during the IPO.

The decree, however, did not specify the timeline for the IPO. This sale aims to bolster investor confidence in Angola’s financial sector while further distancing the state from assets linked to corrupt practices.

Standard Bank Angola, which began operations in the southern African country in 2010, has been a significant player in the region’s banking sector.

The move to partially privatize the bank comes as part of broader economic reforms aimed at increasing transparency and efficiency in Angola’s financial system.

Carlos Sao Vicente, the former owner of the seized stake, was a key figure during the latter years of former President Jose Eduardo dos Santos’ regime, which concluded in 2017.

Vicente amassed significant wealth by heading a conglomerate that sold insurance contracts to the state oil company, Sonangol.

His vast fortune enabled him to acquire substantial shares in Standard Bank Angola, among other investments. Following his conviction, he was ordered to pay Angola $500 million.

The decision to liquidate Vicente’s assets is part of President Lourenco’s broader initiative to recover assets misappropriated during the dos Santos era.

This anti-corruption drive has led to several high-profile prosecutions and asset seizures, sending a strong message that the current administration will not tolerate financial impropriety.

The planned IPO is expected to attract significant interest from both local and international investors, given Standard Bank Angola’s robust market position and growth potential.

By reducing state ownership and increasing private sector participation, the Angolan government aims to foster a more competitive and transparent banking environment.

This development underscores Angola’s commitment to reforming its financial sector and curbing corruption, essential steps for attracting foreign investment and promoting sustainable economic growth.

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Banking Sector

Unity Bank Empowers 400 Fresh Graduates, Invests Over N100 Million in Corpreneurhip Challenge

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No fewer than 400 fresh graduates have benefited from Unity Bank’s entrepreneurship development initiative, also known as Corpreneurship Challenge over the past five years.

This reflects the Bank’s commitment to driving economic growth by supporting the next generation of Nigerian entrepreneurs.

Launched in 20219 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants, who are mostly fresh graduates participating in the one-year compulsory NYSC service, get the opportunity to present their business plans and stand a chance to win business grants.

The Bank recently increased the prize money to 16 million Naira per stream, allowing participants who emerge winners in the business pitch to win N800,000, N500,000, and N300,000 Business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Reflecting on the impact of the initiative, The Divisional Head, Digital Banking and Fintech Partnerships, at Unity Bank, Mr Olufunwa Akinmade, who led the pioneer team that designed the initiative and launched the pilot, said: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due its high-level of success in supporting budding entrepreneurs in the target demographic, as well as the size of the problem it is designed to solve for the Nigerian economy”.

Olufunwa expressed satisfaction with Corpreneurship Challenge’s rising profile as one of the leading sector-agnostic business incubators in Nigeria and said the Bank is committed to sustaining the programme to attain even greater impact required to boost job creation, with young entrepreneurs leading the charge.

Also speaking, the Divisional Head of Retail and SME Banking, Mrs. Adenike Ambimbola said, “We have seen the positive impact of the Corpreneurship Challenge over the past five years because of its innovative approach to youth empowerment and job creation, including a holistic strategy of supporting budding entrepreneurs with mentorship, and skills development, besides the financial backing.”

Since its launch, the Corpreneurship Challenge train has crisscrossed the length and breadth of Nigeria, making a stop in 10 States per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality, thus supporting the growth of the SME sector in Nigeria.

The latest edition was held across 10 States, including Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo State, with three winners emerging in each State to make up 30 winners for the edition.

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