Politics
Panel Calls Lemo And Others For Inquiry On Union Bank Acquisition
Panel Calls Lemo And Others For Inquiry On Union Bank Acquisition....KINDLY READ THE FULL STORY HERE▶
The special investigation panel tasked with examining the activities of the Central Bank of Nigeria (CBN) and associated entities has issued summons to Babatunde Lemo, Chairman of Titan Trust Bank (TTB), concerning TTB’s acquisition of Union Bank of Nigeria (UBN) Plc….CONTINUE READING
In a letter dated December 24, 2023, signed by Eloho Okpoziakpo, the Head of Operations at the special investigation team, major TTB shareholders Cornelius Vink and Rahul Savara were also invited to appear. The summons, conveyed by Jim Obazee, Head of the special investigation team, stipulates that the invited officials must present themselves by tomorrow, December 28, at the Department of Force Intelligence (DFI).
The panel’s recent report revealed alleged involvement of the immediate past CBN Governor, Godwin Emefiele, who purportedly utilized two Dubai-based companies, Luxis International and Magna International, as proxies for establishing Titan Trust Bank for the acquisition of UBN.
In response to these allegations, TTB refuted the claims, asserting that the transaction adhered to due process and met all regulatory requirements, including those of the Securities and Exchange Commission (SEC) and the CBN.
Despite TTB’s denial, the investigative panel labeled their response as an “offensive defense.” The panel’s letter to Lemo expressed surprise at the request for clarification on the share ownership of Cornelius Vink and Rahul Savara, stating that they were previously given an opportunity to provide requested documents but failed to do so.
The letter concludes by reiterating the summons for Lemo and the major shareholders to appear on December 28, 2023, at the DFI in Abuja. Failure to attend the meeting and provide the requested documents/information would result in the potential forfeiture of their purported shareholdings in TTB and Union Bank of Nigeria, according to the panel. The invitation emphasizes the importance of fair hearings and the need for the involved parties to address the allegations comprehensively.
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