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It is a common practice to associate a d8 electron configuration with square planar, 4‐coordinated complexes. A 5‐coordinated complex with a d8 configuration, although following the 18‐electron rule perfectly, is not as common as it might seem. On the other hand, a considerable number of 5‐coordinated d8 Co(I) complexes has been reported, and some of them serve as active intermediates in catalysis...