Emmanuel OchayiIn a turn of events, the Office of the Special Investigator, led by Jim Obazee, has summoned Babatunde Lemo, the Chairman of Titan Trust Bank (TTB), regarding the acquisition of Union Bank of Nigeria Plc.
The investigation stems from allegations of irregularities involving former CBN Governor Godwin Emefiele and purported proxies used to acquire both Union Bank and Keystone Bank.
Lemo, a former deputy governor of the Central Bank of Nigeria, has been directed to appear at the Department of Force Intelligence in Abuja alongside TTB promoters, Cornelius Vink and Rahul Savara.
The meeting is scheduled for December 28, 2023, and is expected to delve into the intricacies of the UBN acquisition.
Obazee’s investigation, presented to the Presidency, claims to have unearthed links suggesting Emefiele utilized proxies to establish Titan Trust Bank and acquire Union Bank, purportedly utilizing ill-gotten wealth.
“Investigation reports will lead to the forfeiture of the two banks to the Federal Government,” stated Obazee in a letter, outlining the progress of the probe. However, the investigation faces hurdles, including Vink’s hospitalization in Switzerland, hindering the acquisition of vital information.
In response to media reports defending the acquisition’s transparency, Lemo affirmed that due process and regulatory requirements were met, as corroborated by SEC and CBN compliance.
Nevertheless, the Special Investigator’s Office rebuked Lemo’s defense, citing contradictions between his statements and those made under caution during earlier investigations.
Furthermore, discrepancies emerged regarding the submission of requested documents by Union Bank.
Although Union Bank claimed to have submitted all requested materials, doubts arose concerning the Special Investigator’s receipt of these documents, leaving unanswered questions about their authenticity.
The summoning of Lemo and associates raises questions about the Special Investigator’s authority to enforce potential share forfeiture if individuals fail to attend the meeting. Legal clarity regarding such powers without a court ruling remains uncertain.
As the investigation into the Union Bank acquisition intensifies, stakeholders eagerly await the meeting’s outcome, aiming to shed light on the alleged irregularities surrounding the banking sector’s crucial acquisitions.
Follow Us