How Emefiele Blocked Google Finance From Acquiring Polaris Bank
Former Governor of Cross Rivers State, Donald Duke has detailed how Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN) frustrated the move by Google Finance to acquire Polaris Bank in 2022.
Google Finance is an independent business arm of the global search engine giant, Google.
The former Governor said Godwin Emefiele outrightly disregarded former Vice President Yemi Osinbajo’s advice that he shouldn’t deny Google Finance access to carrying due diligence as far as its interest in the financial institution is concerned.
He said Mr Emefiele’s response to the former vice president was “the Bank has been reserved for certain special interests.”
Duke made the revelation at the launch of ‘Power of One Man: How the Soludo Engineered Consolidation Transformed Nigerian Banks to Global Players’, the book written by veteran journalist respected across sectors, Dr. Ray Echebiri in honour of Governor of Anambra state – and former Governor of the Central Bank of Nigeria – Charles Chukwuma Soludo.
Revealing his level of involvement and that of the present commissioner for industry in the government of Charles Soludo in the deal that would have positively impacted the nation’s financial sector, he said, “Christian Udechukwu, the current Commissioner for Industry in Anambra State, previously represented various interests, including Google Finance. Google Finance showed interest in the Nigerian banking sector, specifically, in Polaris Bank. They approached the Central Bank under Governor Emefiele to conduct due diligence on the bank, but their request was denied”
“We escalated this matter to Vice President Yemi Osibanjo, and he (Osinbajo) invited the Governor of CBN and said that if Google has taken an interest in our banking sector, it shows that there is something worth looking at in the sector. Don’t deny them, and let them carry out their due diligence. But he (Emefiele) said no, Mr. Vice President; the Bank has been reserved for certain special interests. Google Finance (the investors) were refused, and that sends a very bad signal for international investors,” he said.
Duke represented former president Olusegun Obasanjo at the event held on July 6, 2024.
The anti-corruption body, the Economic and Financial Crimes Commission (EFCC), is, at the moment, prosecuting Godwin Emefiele for abuse of office and corruption while in charge as the governor of the nation’s apex bank.
With a reputation of leading the digital banking space via its award-winning, digital banking platform, VULTe, highlights from the latest audit Polaris Bank revealed the bank’s deposit mobilization soared from N1.14 trillion to N1.76 trillion—a 54 percent improvement over the previous year; gross earnings rose N121 billion to N197 billion, up by 62 percent and declaring profit year on year since its emergence in 2018. Also, the bank’s loan book remains attractive with 138 percent growth from N261 billion in 2019 to N622 billion in 2023.
And, all these figures explain why international investors will always find the financial institution that boasts of multiple Tier 1 industry recognition across its strong business attractive for investment.
