NAIJA NEWS
The President Bola Ahmed Tinubu appointed Special Central Bank of Nigeria (CBN) Investigator, Jim Obazee, has summoned the Chairman of Titan Trust Bank, Babatunde Lemo, to answer questions relating to the controversial acquisition of Union Bank of Nigeria Plc by TTB.
Naija News understands that the TTB chairman, a former deputy governor of the CBN, was directed to report at the Department of Force Intelligence opposite the Force headquarters, Shehu Shagari Way, Abuja on Thursday, where he is expected to be questioned over the UBN acquisition.
Lemo was further instructed to come along with the promoters of TTB, Messrs Cornelius Vink and Mr Rahul Savara, to meet with the team of special Investigators.
According to The PUNCH, Lemo was invited in a letter dated December 24, 2023, and signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo.
The Investigator had in his report alleged that some persons were used as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire 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.
Recall that in two reports on the acquisition of UBN and Keystone Bank submitted to President Bola Tinubu last Wednesday, Obazee 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.
Defending the purchase of Union Bank in an interview with The PUNCH, Lemo said 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.
The letter read, “Please, refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self issued in PUNCH newspapers, on behalf of TTB which you chair, as well as the email you sent to the Special Investigator today wherein you tried to provide clarification on your reaction to the report on TTB.
“The defence seems contrary to the statements, made under caution, by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service in August 2023.
