Tropical General Investment Group, the majority owner of Titan Trust and Union Banks, has denied any wrongdoing in the acquisition of Union Bank by Titan Trust Bank. The denial comes in response to the report of the special investigation into the activities of the Central Bank of Nigeria (CBN) and related entities by Special Investigator Jim Obazee. The report accused the former CBN Governor, Godwin Emefiele, of using ill-gotten wealth to acquire Union Bank and Keystone Bank through proxies.
Tropical General Investment Group clarified that the $500 million capital used for the transaction was transparent, managed by reputed global financial institutions such as Rothschild and Citibank, and took years to complete. The company emphasized that the acquisition followed all laid-down rules and regulations, and the rest of the capital was sourced from the proceeds of TGI’s sale of its Chi Limited business to Coca-Cola.
The company refuted claims that Union Bank did not respond to information requests, stating that all requested information was submitted on September 1, 2023. It further explained that Mr. Vink, a major shareholder in TGI, has been in Nigeria since 1978 and was recently advised to limit his movements due to health reasons.
Tropical General Investment Group urged its customers, shareholders, and stakeholders to remain calm, assuring them that the company would do everything legally possible to clarify the current misunderstanding. The denial and clarification aim to address concerns raised by the investigative report and portray the company’s perspective on the acquisition.
