JUST IN: CBN Investigator Calls Lemo And Others For Questioning Regarding Union Bank Transaction

JUST IN: CBN Investigator Calls Lemo And Others For Questioning Regarding Union Bank Transaction....KINDLY READ THE FULL STORY HERE▶

The Special Investigator of the Central Bank of Nigeria (CBN), Jim Obazee, has called upon Titan Trust Bank (TTB) Chairman, Babatunde Lemo, in relation to the Union Bank of Nigeria Plc acquisition by TTB…CONTINUE READING

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Lemo, the former deputy governor of the CBN, has been directed to appear at the Department of Force Intelligence opposite the Force headquarters, Shehu Shagari Way, Abuja, on Thursday. During this session, he is expected to face questioning regarding the acquisition of Union Bank.

In the summons dated December 24, 2023, and signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo, Lemo was further instructed to be accompanied by TTB promoters, Messrs Cornelius Vink and Mr Rahul Savara, for a meeting with the special investigative team.

The investigation, led by Obazee, alleged that individuals acting as proxies for former CBN Governor Godwin Emefiele were involved in establishing Titan Trust Bank and acquiring Union Bank.

Having been appointed as the special investigator in July 2023, Obazee submitted the final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses)’ to the Presidency on December 20, 2023. In separate reports on the UBN and Keystone Bank acquisitions submitted to President Bola Tinubu, the Special Investigator claimed that Emefiele used proxies to acquire Keystone Bank without evidence of payment.

Obazee’s letter stated, “We discovered that some persons were used as proxies by Mr. Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.” The investigator expressed confidence in recovering both banks for the Federal Government, citing completed investigations and meetings with relevant parties, except for Mr. Cornelis Vink, who is currently hospitalized in Switzerland.

In response to media reports on the UBN deal, Lemo defended the acquisition, asserting that it followed due process and met regulatory requirements. He insisted that the establishment of Titan Trust Bank and the subsequent acquisition of Union Bank were transparent and duly verified by relevant regulatory bodies.

However, in a follow-up letter titled “RE: CBN Investigation Activities: Invitation for a Follow-Up Meeting with the Special Investigator,” the investigator questioned Lemo’s defense, referencing his statements in the BUSHRADIOGIST  newspapers and an email attempting to clarify his reaction to the TTB report.

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