The request from Titan Trust Bank Limited’s Chairman, Babatunde Lemo, to reschedule a meeting with investigators has been rejected by the Office of the Special Central Bank of Nigeria Investigator. The meeting is scheduled for December 28, 2023, and the investigator warned that failure to attend may lead to the forfeiture of shareholding and interests in Titan Trust Bank and Union Bank Nigeria Plc for Lemo and other major shareholders. The rejection was communicated in a letter dated December 27, 2023, signed by the Deputy Commissioner of Police and Head of Operations, Office of the Special Investigator, Eloho Okpoziakpo.
Lemo’s request for a seven-day extension for the major shareholders of Titan Trust Bank to prove their ownership of TTB and Union Bank of Nigeria or forfeit the shares to the Federal Government was also turned down by the investigator. This response was prompted by a letter from Lemo’s lawyer seeking to reschedule the meeting.
The Special Investigator, Jim Obazee, had previously summoned Lemo regarding the acquisition of Union Bank of Nigeria Plc by TTB. The Chairman was directed to report to the Department of Force Intelligence in Abuja on the scheduled date, where he will be questioned by a team of detectives probing the UBN acquisition.
The investigative team summoned the top management of TTB following an interim report by Obazee, which implicated certain individuals who were allegedly used as proxies by a former CBN governor, Godwin Emefiele, to establish Titan Trust Bank and acquire Union Bank from illegitimate funds.
In response to Lemo’s request to shift the meeting, the Special Investigator stated that it was considered an obstruction of the investigation. The letter emphasized that the conditions specified in the earlier invitation will remain effective and triggered if Lemo and the other shareholders fail to attend the meeting as scheduled.
The Special Investigator also highlighted that documents submitted through proxies will not be accepted, emphasizing that Lemo and the other shareholders are required to speak to any documents or information presented during the meeting.
Obazee, who was appointed by President Bola Tinubu to investigate CBN and related entities, has submitted a final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to the Presidency. The report revealed various irregularities, including the acquisition of UBN and Keystone Bank, and the use of proxies by Emefiele to acquire Keystone Bank without evidence of payment.
