Abuja, Nigeria – The Special Investigator for the Central Bank of Nigeria (CBN), Jim Obazee, has summoned Babatunde Lemo, the Chairman of Titan Trust Bank (TTB), in connection with the acquisition of Union Bank of Nigeria Plc by TTB. The former deputy governor of the CBN has been directed to appear at the Department of Force Intelligence in Abuja on Thursday, where he is expected to face questioning regarding the Union Bank (UBN) acquisition.
Lemo has been instructed to attend the meeting with the promoters of TTB, Messrs Cornelius Vink and Rahul Savara, to provide insights to the special investigators. The summons was issued in a letter dated December 24, 2023, and signed by DCP Eloho Okpoziakpo, the Head of Operations at the Office of the Special Investigator.
Obazee’s report, submitted on December 20, 2023, alleged that proxies were used by a former CBN Governor, Godwin Emefiele, to establish Titan Trust Bank and acquire Union Bank. The investigator claimed to have gathered evidence that could lead to the forfeiture of both banks to the Federal Government.
Lemo, defending the transparency of the UBN acquisition, insisted that due process and regulatory requirements, including those of the Securities and Exchange Commission and the CBN, were met. However, in response to his defense, the special investigator questioned Lemo’s statements, noting a discrepancy between his public defense and earlier statements made under caution during the investigation.
The letter to Lemo further challenged his request for clarification from Vink and Savara, stating that they were previously invited but did not honor the invitation. The special investigator warned that failure to attend the meeting would be construed as a decision to forfeit their purported shareholdings in TTB and Union Bank.
The summons aims to ensure a fair hearing for all parties involved in the investigation, although the extent of the Special Investigator’s authority to impact shareholdings without a court ruling remains unclear. The meeting is scheduled for December 28, 2023, at the Department of Force Intelligence in Abuja.