In a startling turn of events, Titan Trust Bank (TTB) Chairman, Tunde Lemo, and two other shareholders, Cornelius Vink and Raul Savara, have been summoned by the Special Investigator probing the Central Bank of Nigeria (CBN), Jim Obazee. The summons comes in the wake of a controversial 2022 acquisition of Union Bank of Nigeria, which has been the subject of scrutiny.
Background of the Controversy: The controversy revolves around a report submitted by Jim Obazee to President Bola Tinubu on December 20, 2023. In this report, Obazee alleges that the former CBN governor, Godwin Emefiele, utilized “ill-gotten wealth” to establish Titan Trust Bank (TTB) and subsequently used it to acquire Union Bank and Keystone Bank through proxies.
Faulting Findings: Tunde Lemo, a former deputy governor of the CBN, had earlier contested the findings of Jim Obazee. The dispute prompted the Special Investigator to issue a summons for a “follow-up meeting” in Abuja, aiming to address the contentious issues surrounding the acquisition.
Invitation to Shareholders: Apart from Tunde Lemo, shareholders Cornelius Vink and Raul Savara have also been invited to the meeting. The investigation seeks to delve deeper into the acquisition, and the three individuals are expected to appear for further questioning on Thursday in Abuja.
Potential Consequences: Sources suggest that failure to honor the summons may result in significant consequences, as the investigator aims to unravel additional details regarding the $500 million acquisition of Union Bank by Titan Trust Bank. The meeting could potentially shed light on the intricacies of the transaction and the alleged use of proxies in the acquisition process.
TGI’s Assertion: Tropical General Investment Group (TGI), a conglomerate involved in the transaction, reiterated on Sunday that the $500 million capital used for the acquisition was transparent and beyond reproach. TGI insisted on being the majority owner of both Titan Trust Bank and Union Bank, contrary to the findings presented by Jim Obazee and his investigative team.
Awaiting Further Developments: As Tunde Lemo, Cornelius Vink, and Raul Savara prepare to face the Special Investigator, the financial and business community eagerly awaits the outcome of the meeting. The controversy surrounding the Union Bank acquisition has raised questions about transparency, corporate governance, and the intricate relationships within Nigeria’s financial sector. The meeting on Thursday is poised to be a pivotal moment in unraveling the complex web of allegations and counterclaims.
