In relation to TTB’s acquisition of Union Bank of Nigeria Plc, the Chairman of Titan Trust Bank, Babatunde Lemo, has been contacted by the Special CBN Investigator, Jim Obazee.
On Thursday, Lemo, who is a former deputy governor of the Central Bank of Nigeria, was instructed to appear at the Department of Force Intelligence on Shehu Shagari Way, Abuja. It is expected that he will be questioned regarding the UBN transaction.
Lemo was also directed to attend a meeting with the Special Investigations Team, along with the TTB promoters, Cornelius Vink and Rahul Savara.
Lemo received an invitation letter dated December 24, 2023, signed by DCP Eloho Okpoziakpo, the Head of Operations, Office of the Special Investigator.
According to Obazee’s report, some individuals were allegedly used as proxies by former CBN Governor, Godwin Emefiele, to establish Titan Trust Bank and acquire Union Bank.
Obazee, who was appointed as special investigator in July 2023, submitted his final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to the Presidency on December 20, 2023.
In separate reports on the acquisition of UBN and Keystone Bank, submitted to President Bola Tinubu last Wednesday, the Special Investigator also claimed that Emefiele used proxies to acquire Keystone Bank without providing evidence of payment.
“When we conducted our investigation, we discovered that Mr Godwin Emefiele used certain individuals as proxies to establish Titan Trust Bank and acquire Union Bank, all through illicit means.
“We have obtained some documents and investigation reports that will result in the forfeiture of both banks to the Federal Government. Our investigation into this acquisition is complete, and we have held meetings with the relevant parties, except for Mr Cornelis Vink, who is currently hospitalized in Switzerland.”
In his letter, Obazee asserted that if not for certain circumstances, the Federal Government would have regained control of these two banks. However, Lemo, in an interview with Sunday PUNCH, maintained that the acquisition of Union Bank followed proper procedures and complied with all regulatory requirements, including those of the Securities and Exchange Commission and the Central Bank of Nigeria.
Lemo emphasized that the establishment of Titan Trust Bank and the subsequent acquisition of Union Bank were conducted transparently and were duly verified by the relevant regulatory bodies.
Nevertheless, in order to further investigate the UBN deal and respond to Lemo’s defense, the investigator addressed the TTB chairman in a letter titled “RE: CBN investigation activities: Invitation for a follow-up meeting with the Special Investigator.” The investigator questioned Lemo’s defense and referred to his discussion with the Special Investigator earlier that day, as well as an email he sent to the Special Investigator, in which he attempted to clarify his reaction to the report on TTB.
The letter stated, “Please refer to your discussion with the Special Investigator earlier today regarding the defensive statements that you issued on behalf of TTB, which you chair, in PUNCH newspapers, 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 defense appears to contradict the statements made, under caution, by individuals involved in these transactions, including yourself, before the Special Investigator at the Department of State Service in August 2023.
“In the aforementioned newspapers, you referred to Cornelius Vink and Rahul Savara as ‘prominent global entrepreneurs with thriving businesses in Nigeria…’
“In your email and earlier discussion with the Special Investigator, you suggested that both individuals be invited to clarify their share ownership and be given seven days to do so; otherwise, their shares will be forfeited to the Federal Government of Nigeria.”
We express our surprise regarding your request concerning these two shareholders. On August 28th, 2023, they were given the opportunity to participate through a letter addressed to them (attached as Appendix 1).
Instead of accepting the invitation and providing the requested documents, we received a letter from Somuyiwa Sonubi, the Company Secretary of Union Bank, dated September 1st, 2023. In the letter, Mr. Cornelius Vink’s absence from the country due to medical reasons was mentioned, and it was stated that both Mr. Vink and Mr. Savara would be available for the meeting as soon as they return to Nigeria (attached as Appendix 2).
Prior to this defensive response made public, the Special Investigator had not received any communication or the requested documents from them.
Meanwhile, in the most recent letter summoning Lemo for a follow-up meeting, the Office of the Special Investigator stated, “Accordingly, you are hereby invited to bring along Messrs Cornelius Vink and Mr Rahul Savara to meet with the Team of Special Investigators at 2pm on December 28th, 2023, at the Department of Force Intelligence, Opposite Nigeria Police Force Headquarters, Shehu Shagari Way, Area 11, Garki, Abuja, without fail or excuse.”
The investigator clarified that the purpose of the invitation was to guarantee that “there is no doubt whatsoever that the Federal Government of Nigeria has provided you with a fair opportunity to present your case.”
However, it remains uncertain whether the Special Investigator’s Office possesses the authority to strip investors of their shareholding in the absence of a court decision, regardless of the reasons for their non-attendance at the meeting.
