The Special Investigator of the Central Bank of Nigeria (CBN), Jim Obazee, has called upon Titan Trust Bank’s Chairman, Babatunde Lemo, to appear before the Department of Force Intelligence in Abuja for questioning related to the acquisition of Union Bank of Nigeria Plc by Titan Trust Bank (TTB).
Babatunde Lemo, a former deputy governor of the CBN, has been directed to meet with the special investigative team at the Department of Force Intelligence on Shehu Shagari Way, Abuja, on Thursday. The focus of the interrogation will be the UBN acquisition.
Lemo has been instructed to bring along the promoters of TTB, Cornelius Vink and Rahul Savara, for the meeting with the investigative team. The summonses were issued in a letter dated December 24, 2023, signed by DCP Eloho Okpoziakpo, the Head of Operations at the Office of the Special Investigator.
Obazee, appointed as the special investigator in July 2023, had submitted his final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences)’ to the Presidency on December 20, 2023. The report alleges that proxies were used by a former CBN Governor, Godwin Emefiele, to establish Titan Trust Bank and acquire Union Bank.
In response to media reports on the UBN deal, Lemo defended the acquisition, asserting that it adhered to due process and satisfied all regulatory requirements. He claimed that Titan Trust Bank and the subsequent acquisition of Union Bank were transparent and verified by relevant regulatory bodies.
However, in a follow-up investigation and in light of Lemo’s defense, the Special Investigator challenged him in a letter, expressing concerns about the defense’s inconsistency with earlier statements made under caution during the investigation. The letter questioned Lemo’s statements in the media and his request for clarification from shareholders Cornelius Vink and Rahul Savara, who were previously invited but had not responded to the investigative team’s requests for documents.
The Special Investigator pointed out discrepancies in Lemo’s public statements and the information obtained during the investigation, emphasizing the need for a thorough examination of the acquisition and the involvement of key individuals.
