In a high-profile probe into the activities of the Central Bank of Nigeria (CBN), a special investigator, Jim Obazee, appointed by President Bola Tinubu, has issued a summons to top officials of Titan Trust Bank. The summons pertains to the alleged fraudulent acquisition of Union Bank, a matter that has sparked significant interest and concern.
The head of operations, Office of the Special Investigator, DCP Eloho Okpoziakpo, signed the invitation letters, summoning three key figures. The summoned officials include the chairman of Tropical General Investments Group, Cornelius Vink; Managing Director of the group, Rahul Savara; and the Chairman of Titan Trust Bank (TTB), Babatunde Lemo.
These officials have been given a deadline of December 28, 2023, at 2 pm to appear before the special investigators in Abuja. Emphasizing the seriousness of the matter, Okpoziakpo stated that failure to honor the invitation would result in the forfeiture of their purported shareholdings in TTB and Union Bank of Nigeria.
The summonses come in the wake of a press release issued by Babatunde Lemo on December 24, responding to the allegations contained in a report submitted to President Tinubu by Obazee’s investigative panel. Lemo claimed that the bank had fully cooperated with the panel and had provided all requested information on September 1, 2023.
However, Okpoziakpo refuted this claim, stating that the defense put forward by Lemo was offensive and contradicted statements made by Lemo and others connected with the transactions during the panel’s proceedings.
The investigation has also revealed that the former governor of CBN, Godwin Emefiele, allegedly used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without evidence of payment. As a result, Obazee has recommended that the Federal Government move to recover the banks.
The seriousness and far-reaching implications of this probe have put the spotlight on the inner workings of the banking sector in Nigeria, raising important questions about transparency, accountability, and the integrity of financial institutions.
The developments surrounding this investigation are set to unfold amidst keen interest and scrutiny, casting a long shadow over the individuals and institutions involved and potentially shaping the future landscape of the Nigerian banking industry.
