The Special CBN Investigator, Jim Obazee, has summoned the
Chairman of Titan Trust Bank, Babatunde Lemo, in connection with the
acquisition of Union Bank of Nigeria Plc by TTB.
The TTB chairman, a former deputy governor of the Central
Bank of Nigeria, was directed to report at the Department of Force Intelligence
opposite the Force headquarters, Shehu Shagari Way, Abuja on Thursday, where he
is expected to be questioned over the UBN acquisition.
Lemo was further instructed to come along with the promoters
of TTB, Messrs Cornelius Vink and Mr Rahul Savara, to meet with the team of
special Investigators.
Lemo was invited in a letter dated December 24, 2023, and signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo.
Obazee had in his report alleged that some persons were used
as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust
Bank and acquire Union Bank.
Obazee, who was appointed special investigator in July,
2023, submitted his final report tagged, ‘Report of the Special Investigation
on CBN and Related Entities (Chargeable offences) to the Presidency on December
20, 2023.
In two separate reports on the acquisition of UBN and
Keystone Bank submitted to President Bola Tinubu last Wednesday, the Special
Investigator also alleged that Emefiele used proxies to acquire Keystone Bank
without evidence of payment.
‘’When we carried out
investigation, we discovered that some persons were used as proxies by Mr
Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom,
all from ill-gotten wealth.
‘’We were able to secure some documents and investigation
reports will lead to the forfeiture of the two banks to the Federal Government.
We have completed our investigation on this acquisition and have also held
meetings with the relevant parties except for Mr Cornelis Vink (that is
currently hospitalised in Switzerland).
‘’Otherwise, we are on the verge of recovering these two
banks for the Federal Government,’’ Obazee claimed in his letter.
Following media reports on the UBN deal, Lemo in an
interview with Sunday PUNCH insisted that the acquisition of the bank followed
due process and met all regulatory requirements, including that of the
Securities and Exchange Commission and the Central Bank of Nigeria.
He insisted that the establishment of Titan Trust Bank and
the subsequent acquisition of Union Bank were transparent and duly verified by
the relevant regulatory bodies.
However, in furtherance of the investigation into the UBN
deal, and in response to Lemo’s defence, the investigator in the letter titled,
RE: CBN investigation activities: Invitation for a follow-up meeting with the
Special Investigator,’ took the TTB chairman to task on his defence.
The letter read, ‘’Please, refer to your discussion with the
Special Investigator earlier today regarding the offensive defence that your
good self issued in PUNCH newspapers, on behalf of TTB which you chair, 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 defence seems
contrary to the statements, made under caution, by the persons connected with
these transactions, including your good self, before the Special Investigator
at the Department of State Service in August 2023.
‘’In the said newspapers, you referred to both Cornelius
Vink and Rahul Savara as “prominent global entrepreneurs and having thriving
businesses in Nigeria…”
‘’In your email as well as your earlier discussion with the
Special Investigator, you suggested that both of them be invited to provide
clarification on their share ownership and given seven days to make such
clarification; failure which they will forfeit their shares to the Federal
Government of Nigeria.
‘’We are surprised at your request with regard to these two
shareholders. They were given this opportunity via a letter to them dated 28th
August 2023 (copy attached as Appendix 1).
‘’Instead of honouring the invitation and providing the
requested documents, we received a letter from the Company Secretary of Union
Bank, Somuyiwa Sonubi, dated 1st September 2023, informing the Special
Investigator that Mr. Cornelius Vink was out of the country on medical grounds
and that both “Messrs Vink and Savara will be available for the meeting as soon
as they are in Nigeria which will be soon” (copy attached as Appendix 2).
‘’Up until this offensive defence that you put in the public
domain, the Special Investigator has neither heard from them nor received the
requested documents.”
Meanwhile, in the latest letter summoning Lemo for a
follow-up meeting, the Office of the Special Investigator said, ‘’Accordingly,
you are hereby invited to come along with Messrs Cornelius Vink and Mr Rahul
Savara to meet with the Team of Special Investigators by 2pm on 28th December
2023 at the Department of Force Intelligence, Opposite Nigeria Police Force
Headquarters, Shehu Shagari Way, Area 11, Garki, Abuja; without fail or excuse.
‘’
The letter added, ‘’Please, inform them to come along with
all the documents/information requested from them by the letter to Mr Cornelius
Vink dated 28th August 2023 (attached herewith as Appendix 1). You will also be
required to make additional statements to your earlier statement on that day.
‘’Kindly note that if Messrs Cornelius Vink and Rahul Savara
refuse to attend this meeting and provide/defend the requested
documents/information, it will be construed that they have decided to forfeit
their purported shareholdings in TTB and Union Bank of Nigeria; irrespective of
which vehicle that they are using to own the purported shares.
‘’Should you also refuse to attend the meeting to provide
additional statement to your earlier statement made in August 2023, it will be
construed that you misled the Nigerian public with your reaction in the PUNCH
Newspapers today which has gained wide publicity in both electronic and print
media.’’
The investigator explained that the invitation was to
further ensure that ‘’it is beyond reasonable doubt that the Federal Government
of Nigeria has given you a fair hearing.’’
Meanwhile, It is unclear whether without a court ruling, the
Special Investigator’s Office has the powers to make investors lose their
shareholding should they fail to attend the meeting for whatsoever reason.
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