President Bola Ahmed Tinubu’s appointed Special CBN Investigator, Jim Obazee, has called in Titan Trust Bank Chairman, Babatunde Lemo, to face a rigorous interrogation regarding the contentious acquisition of Union Bank of Nigeria Plc by TTB.
Lemo, a former deputy governor of the CBN, is slated to appear at the Department of Force Intelligence in Abuja on Thursday, alongside TTB promoters Cornelius Vink and Rahul Savara. This summons follows allegations in Obazee’s final report, revealing the involvement of proxies, allegedly linked to former CBN Governor Godwin Emefiele, in the establishment of Titan Trust Bank and the acquisition of Union Bank.
In a letter dated December 24, 2023, the Special Investigator highlighted discrepancies in Lemo’s defense, challenging the transparency of the Union Bank acquisition. Lemo, however, maintains that due process was followed, and all regulatory requirements were met.
As the investigation intensifies, the Special Investigator questions Lemo’s defensive statements, suggesting they contradict earlier statements made under caution. The latest summons emphasizes the imperative presence of Vink and Savara, warning that failure to attend the meeting will result in the forfeiture of their purported shareholdings in TTB and Union Bank.
The unfolding saga adds further drama to the financial landscape, raising crucial questions about the authenticity of the acquisition and potential repercussions for Titan Trust Bank and Union Bank of Nigeria.
