In a strategic move aimed at unraveling the intricate details surrounding the acquisition of Union Bank of Nigeria Plc by Titan Trust Bank (TTB), the Special Investigator appointed by the Central Bank of Nigeria (CBN), Jim Obazee, has summoned Titan Trust Bank’s Chairman, Babatunde Lemo.
This development comes as part of the ongoing investigation into the acquisition and follows a report submitted by Obazee to the Presidency on December 20, 2023.
Lemo, a former deputy governor of the CBN, has been instructed to appear before the Department of Force Intelligence in Abuja on Thursday.
The directive encompasses the presence of TTB’s promoters, Cornelius Vink and Rahul Savara, creating an atmosphere for detailed questioning related to the UBN acquisition.
The summons was conveyed in a letter dated December 24, 2023, signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo.
The move comes on the heels of Obazee’s allegations that certain individuals, acting as proxies for former CBN Governor Godwin Emefiele, facilitated the establishment of Titan Trust Bank and subsequently acquired Union Bank through ill-gotten wealth.
Obazee, appointed as the special investigator in July 2023, asserted that the investigation had uncovered pertinent documents, hinting at the possibility of forfeiting both Titan Trust Bank and Union Bank to the Federal Government.
The probe also claims that Emefiele used proxies for the acquisition of Keystone Bank without tangible evidence of payment.
Amid these allegations, Lemo, who chairs Titan Trust Bank, maintained that the acquisition adhered to due process and met all regulatory requirements.
He insisted that Titan Trust Bank’s establishment and the subsequent acquisition of Union Bank underwent transparent processes verified by relevant regulatory bodies, including the Securities and Exchange Commission and the CBN.
The latest summons signals a deepening of the inquiry, pressing Lemo to address the defense he presented in the public domain.
The investigation aims to ensure fairness in the process and to obtain the necessary documents and information to ascertain the legitimacy of the UBN deal.
The outcome of this meeting is anticipated to shed light on the intricacies surrounding Titan Trust Bank’s acquisition of Union Bank and its potential repercussions.
