Union Bank Takeover: CBN Investigator Summons Titan Bank’s Chief, Promoters Over Bank Acquisition

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The controversy surrounding Titan Trust Bank’s acquisition of Union Bank of Nigeria Plc (UBN) has taken a new turn as former Central Bank of Nigeria (CBN) deputy governor and Titan Trust Bank (TTB) chairman, Babatunde Lemo, along with TTB promoters Cornelius Vink and Rahul Savara, have been summoned by the CBN’s Special Investigator, Jim Obazee.

The summons, outlined in a letter dated December 24, 2023, instructs Lemo to appear before the Department of Force Intelligence in Abuja on Thursday.

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The directive follows Obazee’s submission of a report to President Bola Tinubu, titled “Report of the Special Investigation on CBN and Related Entities (Chargeable offenses),” completed on December 20.

Obazee alleges irregularities in the acquisition of both UBN and Keystone Bank, asserting that former CBN Governor Godwin Emefiele utilized “proxies” to establish TTB and acquire UBN with what he terms “ill-gotten wealth.” The report suggests that secured documents and investigative findings may result in the forfeiture of both banks to the Federal Government.

In a letter, Obazee notes that the delay in concluding meetings with relevant parties is attributed to Cornelius Vink’s hospitalization in Switzerland. Despite this setback, he expresses confidence in imminent recovery efforts for UBN and Keystone.


Babatunde Lemo Refuted Any WrongDoing Regarding Union Bank Acquisition

Responding to the allegations, Lemo refuted any wrongdoing in a recent interview with the PUNCH. He defended the acquisition, asserting its transparency and compliance with all regulatory requirements.

According to Lemo, both TTB’s establishment and UBN’s acquisition underwent thorough vetting by the Securities and Exchange Commission and the CBN.

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As the investigation unfolds, the financial community watches closely, awaiting developments that could have significant implications for TTB, UBN Plc, and the broader banking sector.



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