CBN investigator gives top Titan bank managers ultimatum to appear for investigation over illegal acquisition of Union Bank

Jim Obazee, the special investigator assigned by President Bola Tinubu to investigate the actions of the Central Bank of Nigeria, CBN, has summoned three top Titan Trust Bank officials to explain the alleged illegal acquisition of Union Bank.

The bank officials summoned, according to the invitation letter signed by the head of operations, Office of the Special Investigator, DCP Eloho Okpoziakpo, are the chairman of Tropical General Investments Group, Cornelius Vink; the group’s Managing Director, Rahul Savara; and the Chairman of Titan Trust Bank (TTB), Babatunde Lemo.

The top executives of the banks have been given till December 28, 2023, at 2 p.m. to appear before the special investigators in Abuja.

Okpoziakpo stated that the investigation panel offered a second invitation to the three men in response to TTB’s claim that they were not given a fair hearing.

He further warned them that if they did not accept the invitation, “it will be construed that they have decided to forfeit their purported shareholdings in TTB and Union Bank of Nigeria, irrespective of which vehicle they are using to own the purported shares.”

In response to the claims contained in a report delivered to President Tinubu by Obazee’s panel, Lemo said in a press release published on December 24 that the bank had completely cooperated with the panel and that all the material needed was presented on September 1, 2023.

However, Okpoziakpo stated in the letter that Lemo’s defense is not only disrespectful, but also contradicts the remarks he and others linked with the transactions made under caution before the panel.

“Please refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self issued in Punch newspapers 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.

“In the newspapers, you referred to Cornelius Vink and Rahul Savara as “prominent global entrepreneurs and having thriving businesses in Nigeria…

“In your email and earlier discussion with the Special Investigator, you suggested that both of them be invited to clarify 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 about 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 the 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 will be available for the meeting as soon as they are in Nigeria, which will be soon” (copy attached as Appendix 2).

“Until this offensive defence that you put in the public domain, the Special Investigator has not heard from them nor received the requested documents.

“Accordingly, you are here invited to come along with Messrs Cornelius Vink and Mr Rahul Savara to meet with the Team of Special.

“Investigators by 2 pm on December 28, 2023, at the Department of Force Intelligence (DFI), opposite Nigeria Police Force Head-quarters Shehu Shagari Way Area 11, Garki Abuja, without failure or excuse.”

Recall that the Obazee probe revealed that the former governor of CBN, Godwin Emefiele, used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.

Obazee recommended that the Federal Government should move to recover the banks.