President Bola Ahmed Tinubu’s appointed Special Central Bank of Nigeria (CBN) Investigator, Jim Obazee, has summoned Titan Trust Bank (TTB) Chairman, Babatunde Lemo, to face questioning regarding the controversial acquisition of Union Bank of Nigeria Plc by TTB. Lemo, a former deputy governor of the CBN, is directed to appear at the Department of Force Intelligence in Abuja on Thursday, accompanied by TTB promoters Cornelius Vink and Rahul Savara.
The summons follows allegations made by Investigator Obazee, who claimed that proxies were used to set up Titan Trust Bank and acquire Union Bank with ill-gotten wealth. Obazee submitted his final report to the Presidency on December 20, 2023, asserting the need for the forfeiture of the two banks to the Federal Government.
In response to Lemo’s defense of the acquisition, the investigator issued a follow-up meeting invitation, challenging the discrepancy between Lemo’s statements and those made under caution during the investigation. The letter emphasizes the importance of Messrs Cornelius Vink and Rahul Savara providing clarification on their share ownership.
The Office of the Special Investigator warns that failure to attend the meeting and provide the requested documents will be construed as a decision to forfeit purported shareholdings. The letter further notes that Lemo’s refusal to attend the meeting will be construed as misleading the public, considering his statements in the media.
The ongoing investigation raises questions about the transparency of the acquisition and underscores the need for regulatory scrutiny. The outcome of the meeting and the subsequent actions taken by the investigators will likely have significant implications for the future of Titan Trust Bank and the acquisition of Union Bank.
