CBN investigator refuses TTB Chairman’s request to shift acquisition probe

The Office of the Special Investigator for the Central Bank of Nigeria has rejected the request from Babatunde Lemo, Chairman of Titan Trust Bank Limited, to reschedule the meeting with investigators from December 28, 2023, to January 7. The investigator emphasized that failure to attend the scheduled meeting may result in the forfeiture of shareholding and interests in Titan Trust Bank and Union Bank Nigeria Plc for Lemo and other major shareholders.

In a letter dated December 27, 2023, signed by Eloho Okpoziakpo, the Head of Operations at the Office of the Special Investigator, the rejection was communicated. The investigator also declined Lemo’s proposal to grant seven days to major shareholders Cornelius Vink and Rahul Savara to prove their ownership of Titan Trust Bank and Union Bank of Nigeria, warning of potential forfeiture to the Federal Government.

The Special Investigator, Jim Obazee, had previously summoned Lemo regarding the acquisition of Union Bank of Nigeria Plc by Titan Trust Bank. Lemo, along with Vink and Savara, was directed to appear before a team of detectives for questioning at the Department of Force Intelligence in Abuja on December 28, 2023.

In response to Lemo’s request to postpone the meeting due to his absence from Nigeria, the investigator considered it an obstruction of the investigation. The investigator noted that the requested documents, especially those submitted through proxies, would not be accepted without personal verification from Lemo, Vink, and Savara during the meeting.

The Special Investigator emphasized the importance of attending the meeting on the scheduled date and warned of consequences if Lemo and the other shareholders fail to comply with the directive. The letter outlined that previous requests for documents had not been fulfilled, and the conditions set in the earlier letter remained in effect.

Notably, the Special Investigator, appointed by President Bola Tinubu in July 2023, submitted the final report on December 20, which raised concerns about the acquisition of Union Bank and Keystone Bank, alleging the use of proxies by a former CBN governor, Godwin Emefiele, for these transactions.