The Chairman of Titan Trust Bank (TTB), Babatunde Lemo, has been summoned by the Special CBN Investigator, Jim Obazee, to face questioning regarding the acquisition of Union Bank of Nigeria Plc by TTB. Lemo, a former deputy governor of the Central Bank of Nigeria, is directed to report at the Department of Force Intelligence in Abuja on Thursday.
The summon, outlined in a letter dated December 24, 2023, and signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo, comes in the wake of allegations made by Obazee. The investigator claims that individuals acting as proxies for former CBN Governor Godwin Emefiele were used to establish Titan Trust Bank and acquire Union Bank.
Obazee, appointed as a special investigator in July 2023, submitted his final report on December 20, 2023, titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to the Presidency. In the report, he alleges that Emefiele utilized proxies for the acquisition of both Union Bank and Keystone Bank without evidence of payment.
Lemo, along with the promoters of TTB, Cornelius Vink, and Rahul Savara, is required to meet with the team of special investigators. Despite Lemo’s insistence that the acquisition followed due process and met all regulatory requirements, the investigator challenges his defense in a follow-up letter.
The letter questions Lemo’s defense published in the media, citing contradictions with statements made during the investigation. The Special Investigator highlights Lemo’s request for clarification from Vink and Savara, asserting that the opportunity had been extended in a prior letter dated August 28, 2023. The investigator claims non-compliance and lack of communication from the mentioned individuals.
The latest summons instructs Lemo to ensure the presence of Vink and Savara at a meeting on December 28, 2023. Failure to attend and provide the requested documents may result in the forfeiture of their purported shareholdings in TTB and Union Bank, as per the investigator. The letter emphasizes the need for additional statements from Lemo to address his earlier statement made in August 2023.
The investigator’s office aims to establish that the Federal Government of Nigeria has given a fair hearing to all parties involved. The implications of the investigator’s power to compel investors to forfeit shareholdings without a court ruling remain unclear as the situation unfolds.
