CBN probes acquisition of Union Bank by Titan Trust Bank

The recent investigation report on the activities of the Central Bank of Nigeria (CBN) under Godwin Emefiele has alleged irregularities in the acquisition process of Union Bank by Titan Trust Bank.

The Chairman of Titan Trust Bank, Mr. Babatunde Lemo, and two others have been invited by the Special Investigator on CBN, Mr. Jim Osayande Obazee. The other invited shareholders are Mr. Cornelius Vink and Mr. Raul Savara.

Lemo, who was CBN deputy governor between 2004 and 2014, is expected to appear with the shareholders for further grilling on Thursday.

It was learnt that the big stick might be wielded should those invited fail to honour the invitation to enable the investigator to unravel other details on the $ 500 million acquisition of Union Bank by Titan Trust Bank (TTB).

A conglomerate, the Tropical General Investment Group (TGI), on Sunday, said the USD500 million capital used to pay for the transaction was transparent and unimpeachable.

TGI insisted that it is the majority owner of TTB and Union Banks.

Obazee and his team of crack detectives alleged that their findings proved otherwise.

In a report to President Bola Ahmed Tinubu, the Investigator alleged that the two banks were owned and bought by the proxies of the former CBN Governor, Mr. Godwin Emefiele, who has denied the claim.

TGI said Vink, who has been in Nigeria since 1978, is an elderly person and has recently been medically advised to limit his movement.

The Special Investigator insisted that since TGI assured his team that the two shareholders would “soon” honour the invitation, it was time for them to come for interaction.

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