Emefiele: TGI Group Dismisses Allegations Of Government Involvement In Union Bank Takeover

In a rebuttal, Tropical General Investment Group (TGI) refutes any implication of government funds in the acquisition of Union Bank, asserting full transparency in the process.

TGI’s Head of Corporate Communications, Ms. Rafiat Gawat, highlighted, “The alleged documents connecting Titan Trust and Union Banks to former CBN Governor Godwin Emefiele are factually flawed.”

Denouncing the assumptions within purported documents, TGI clarified, “Our ownership and the takeover followed strict regulations, involving approximately $500 million transparently sourced capital.”

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Emphasizing the meticulousness of the acquisition managed by renowned financial institutions like Rothschild and Citibank, TGI affirmed that the process adhered to rigorous standards over several years.

TGI emphasized its pivotal role in Nigeria’s economy, boasting a workforce of 20,000 and assets worth over ₦3.75 trillion. The group attests to contributing over ₦50 billion annually in taxes while nurturing agricultural initiatives nationwide.

“The acquisition capital came from Afrexim’s $300 million loan and proceeds from Chi Ltd’s sale to Coca-Cola,” TGI clarified, dismissing claims suggesting government involvement in the purchase.

Highlighting its diverse investments across 13 countries and collaborations with state governments on vital projects like the Imota Rice Mill in Lagos and fertilizer blending in Edo, TGI showcased its commitment to national development.

TGI discredited the investigator’s assertion of non-compliance, asserting, “All requested information was submitted on September 1, 2023.”

Asserting its global credibility through strategic deals like Union Bank’s $500 million contract for renewable energy projects in Germany, TGI stands firm on its responsible corporate citizenship and willingness to engage with regulators for clarity.

“We stand firm that no government funds were used, and Union Bank’s acquisition adhered to strict protocols,” TGI concluded, reiterating their commitment to cooperation and transparency with all stakeholders, including regulators.