The special investigation panel concerning the Central Bank of Nigeria (CBN) and related entities has requested the presence of Babatunde Lemo, Chairman of Titan Trust Bank (TTB), regarding the bank’s acquisition of Union Bank of Nigeria (UBN) Plc.
Notably, the major shareholders in TTB, Cornelius Vink and Rahul Savara, have also been summoned to the Department of Force Intelligence (DFI) by tomorrow, December 28.
The panel’s recent report alleged that the former CBN Governor, Godwin Emefiele, utilized two Dubai-based companies to establish Titan Trust Bank as proxies for the acquisition of UBN. In response, TTB asserted that the transaction followed due process and regulatory requirements, including those of the Securities and Exchange Commission (SEC) and the CBN.
The panel criticized TTB’s response as an “offensive defense,” citing apparent contradictions between public statements and prior discussions with the Special Investigator. In light of this, Lemo was urged to ensure the attendance of Cornelius Vink at the DFI and provide the requested documents. Failure to comply may result in the forfeiture of their shareholdings in TTB and UBN. Furthermore, Lemo was directed to provide additional statements to clarify previous testimony, stressing the importance of ensuring a fair hearing for all involved parties.
