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Jim Obazee, the Special Investigator appointed to probe the Central Bank of Nigeria (CBN), has issued a summons to Titan Trust Bank (TTB) Chairman, Tunde Lemo, and two other shareholders for a "follow-up meeting" in Abuja on Thursday. This summons is in connection to the 2022 acquisition of Union Bank of Nigeria.
The summons comes shortly after Mr. Lemo, a former deputy governor of the CBN, contested the findings of Mr. Obazee's report on the matter. In a report submitted to President Bola Tinubu on December 20, Obazee claimed that Godwin Emefiele, the former CBN governor, used "ill-gotten wealth" to establish TTB and utilized it to acquire Union Bank and Keystone Bank through individuals acting as proxies. Obazee recommended the forfeiture of the banks to the federal government.
Mr. Lemo, in response, asserted that due process was followed, and all regulatory requirements, including those of the Securities and Exchange Commission (SEC) and the CBN, were met during the acquisition of Union Bank.
"Due process was followed in the establishment of Titan Trust Bank, and every process that led to the acquisition of Union Bank was verified by the CBN, SEC, and other regulators. The core shareholders will respond to the specific allegations against them," stated Lemo.
*In a detailed statement, TTB's Corporate Communications Department emphasized that the establishment of the bank and its acquisition of Union Bank adhered to Nigerian laws. It clarified, "On allegations relating to the ownership of Titan Trust Bank, the Board and management provided the special investigators with the share ownership structure in TTB, including the holdings of Magna International DMCC and Luxis International DMCC owned by Mr. Rahul Savara and Mr. Cornelius Vink. These individuals are prominent global entrepreneurs and have thriving businesses in Nigeria and several countries around the world. The shareholding structure is also verifiable at the Corporate Affairs Commission."
