Former Central Bank of Nigeria (CBN) deputy governor Babatunde Lemo, now chairman of Titan Trust Bank (TTB), has been summoned by the CBN Special Investigator, Jim Obazee.
Reports say that his summons is regarding the controversial acquisition of Union Bank of Nigeria Plc (UBN) by TTB.
In a letter dated December 24, 2023, the Head of Operations at the Special Investigator’s office, DCP Eloho Okpoziakpo, directed Lemo to report to the Department of Force Intelligence in Abuja on Thursday, accompanied by TTB promoters Cornelius Vink and Rahul Savara.
The directive comes on the heels of the report recently submitted by Obazee to President Bola Tinubu, titled “Report of the Special Investigation on CBN and Related Entities (Chargeable offences).” The report, finalised on December 20, alleges irregularities in the acquisition of both the Union Bank of Nigeria and Keystone Bank.
Obazee claims that former CBN Governor Godwin Emefiele used “proxies” to establish TTB and acquire UBN with “ill-gotten wealth.” He further said that secured documents and investigative findings could lead to the forfeiture of both banks to the Federal Government.
“Mr Vink’s hospitalization in Switzerland is the only delay in concluding our meetings with all relevant parties,” Obazee stated in the letter, implying imminent recovery efforts for UBN and Keystone.
‘’We were able to secure some documents and investigation reports will lead to the forfeiture of the two banks to the Federal Government. We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr Cornelis Vink (that is currently hospitalised in Switzerland).
‘’Otherwise, we are on the verge of recovering these two banks for the Federal Government,’’ Obazee claimed in his letter.
Lemo, however, denied any wrongdoing. In a recent interview with the PUNCH, he defended the acquisition as transparent and compliant with all regulatory requirements. He maintains that both TTB’s establishment and UBN’s acquisition were duly vetted by the Securities and Exchange Commission and the CBN.
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