Abuja, December 28, 2023 – The Chairman of Titan Trust Bank Limited, Babatunde Lemo, faces potential consequences as the Central Bank of Nigeria’s Special Investigator rejects his plea to postpone a crucial meeting scheduled for December 28, 2023.
In a letter dated December 27, 2023, Deputy Commissioner of Police Eloho Okpoziakpo, Head of Operations at the Office of the Special Investigator, communicated the denial of Lemo’s request for rescheduling until January 7.
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The investigator warned that the absence of Lemo and other major shareholders from the meeting might result in the forfeiture of their shares and interests in Titan Trust Bank and Union Bank Nigeria Plc.
Lemo, a former deputy governor of the Central Bank of Nigeria, was summoned by Special Investigator Jim Obazee in connection with Titan Trust Bank’s acquisition of Union Bank of Nigeria Plc.
The investigation report by Obazee alleges the use of proxies by a former CBN governor, Godwin Emefiele, to establish Titan Trust Bank and acquire Union Bank with ill-gotten wealth.
The directive requires Lemo to report to the Department of Force Intelligence opposite the Force headquarters in Abuja today, where he will be questioned by a team of detectives probing the Union Bank acquisition. Furthermore, Lemo is instructed to be accompanied by the major shareholders of Titan Trust Bank, Mr. Cornelius Vink, and Rahul Savara, for the meeting with the special investigators.
Titan Trust Bank Chairman/Shareholders Fails To Get Meeting Rescheduled
Despite Lemo’s lawyer, G. Elias, requesting a meeting shift in a letter dated December 27, citing Lemo’s absence from Nigeria, the investigator stood firm on the scheduled meeting. The letter from Elias explained that Lemo and the major investors would not be in Nigeria until the second week of January 2024 and pledged their commitment to attend the meeting as soon as they return.
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The unfolding events surrounding Titan Trust Bank and Union Bank Nigeria Plc are poised to bring further scrutiny to the intricacies of the financial sector and the alleged involvement of high-profile individuals.
As the investigation progresses, stakeholders await the outcome of the scheduled meeting and the revelations it may bring to light.
