The Special CBN Investigator, Jim Obazee, has called upon Titan Trust Bank’s Chairman, Babatunde Lemo, to appear for questioning regarding the acquisition of Union Bank of Nigeria Plc by TTB.
Scheduled for Thursday, Lemo, a former deputy governor of the Central Bank of Nigeria, is summoned to the Department of Force Intelligence near the Force headquarters, Shehu Shagari Way, Abuja. The inquiry will focus on TTB’s acquisition of Union Bank, and Lemo is expected to bring along TTB promoters Cornelius Vink and Rahul Savara to meet with the special investigative team.
The invitation, dated December 24, 2023, was issued by DCP Eloho Okpoziakpo, Head of Operations at the Office of the Special Investigator.
Obazee’s report alleges that individuals, acting as proxies for former CBN Governor Godwin Emefiele, were instrumental in establishing Titan Trust Bank and acquiring Union Bank.
Obazee, who was appointed special investigator in July, 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.
In two separate reports on the acquisition of UBN and Keystone Bank submitted to President Bola Tinubu last Wednesday, the Special Investigator also alleged that Emefiele used proxies to acquire Keystone Bank without evidence of payment.
‘’When we carried out 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 (that is currently hospitalised in Switzerland).
‘’Otherwise, we are on the verge of recovering these two banks for the Federal Government,’’ Obazee claimed in his letter.
Following media reports on the UBN deal, Lemo in an interview with Sunday PUNCH insisted that the acquisition of the bank followed due process and met all regulatory requirements, including that of the Securities and Exchange Commission and the Central Bank of Nigeria.
He insisted that the establishment of Titan Trust Bank and the subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.
However, in furtherance of the investigation into the UBN deal, and in response to Lemo’s defence, the investigator in the letter titled, RE: CBN investigation activities: Invitation for a follow-up meeting with the Special Investigator,’ took the TTB chairman to task on his defence.
