By Peter Egwuatu

The special investigation panel on the Central Bank of Nigeria, CBN, and related entities has summoned Babatunde Lemo, Chairman of Titan Trust Bank, TTB, over the bank’s acquisition of Union Bank of Nigeria, UBN, Plc. 

In a letter dated December 24, 2023, by Eloho Okpoziakpo, Head of Operations at the office of the special investigation team; Cornelius Vink and Rahul Savara, the major shareholders in TTB, were also invited.

The letter, addressed to Lemo, by Jim Obazee, Head of the special investigation team, said the invited officials must present themselves by tomorrow (December 28), to the Department of Force Intelligence, DFI.

The panel’s recent report had disclosed how immediate past  CBN Governor, Godwin Emefiele, allegedly used two Dubai-based companies, Luxis International and Magna International, to set up Titan Trust Bank as proxies for the acquisition of UBN.

Denying the claims, TTB said the transaction followed due process and met all regulatory requirements, including that of the Securities and Exchange Commission, SEC, and the CBN.

Meanwhile, emphasizing its findings, the probe panel labelled the bank’s rebuttal as an “offensive defence.”

The letter states: “ Please refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self issued in the media, on behalf of TTB which you chair, as well as the email you sent to the Special Investigator today wherein you tried to provide clarification on your reaction to the report on TTB.

“The defence seems contrary to the statements, made under caution, by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service, DSS, in August 2023. 

“In the said newspapers, you referred to both Cornelius Vink and Rahul Savara as “prominent global entrepreneurs and having thriving businesses in Nigeria. In your email as well as your earlier discussion with the Special Investigator, you suggested that both of them be invited to provide clarification on their share ownership and given seven days to make such Clarification; failure which they will forfeit their shares to the Federal Government of Nigeria. 

“We are surprised at your request with regard to these two shareholders. They were given this opportunity via a letter to them dated August 28, 2023, copy attached as Appendix 1. instead of honouring the invitation and providing the requested documents, we received a letter from the Company Secretary of Union Bank, Somuyiwa Sonubi, dated September 1, 2023, informing the Special Investigator that Mr. Cornelius Vink was out of the country on medical grounds and that both “Messrs Vink and Savara would be available for the meeting as soon as they were in Nigeria which will be soon” (copy attached as Appendix 2). Up until this offensive defence that you put in the public domain, the Special Investigator has neither heard from them nor received the requested  documents.

“Accordingly, you are hereby invited to come along with Messrs Cornelius on December 28, 2023, at the Department of Force Intelligence DFI, Opposite Nigeria Police Force Headquarters, Shehu Shagari Way  Area 11 Garki Abuja’ without fail or excuse. 

“Please inform them to come along with all the documents/information requested from them by the letter to Mr. Cornelius Vink dated August 28, 2023, attached herewith as Appendix 1. You will also be required to make additional statements to your earlier statement on that day. 

“Kindly note that if Messrs Cornelius Vink and Rahul Savara refused to attend this meeting and provide/defend the requested documents/information, it will be construed that they have decided to forfeit their purported shareholdings in TTB and Union Bank of Nigeria; irrespective of which vehicle that they are using to own the purported shares. 

“Should you also refuse to attend the meeting to provide additional statement to your earlier statement made in August 2023, it will be construed that you misled the Nigerian public with your reaction in the media today which has gained wide publicity in both electronic and print media. 

“This invitation is to further ensure that if is beyond reasonable doubt that the Federal Government of Nigeria has given you a fair hearing.”

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