CBN investigator invites Lemo, others over Union Bank acquisition

he chairman of Titan Trust Bank (TTB), Babatunde Lemo, has been summoned by the Special CBN Investigator, Jim Obazee in connection with the acquisition of Union Bank of Nigeria Plc by TTB.

Lemo, a former deputy governor of the Central Bank of Nigeria, was directed to appear at the Department of Force Intelligence in Abuja on Thursday, December 28 where he would be questioned over the UBN acquisition.

The TTB chairman was also instructed to come along with the promoters of the bank, Messrs Cornelius Vink and Mr Rahul Savara, to meet with the team of special Investigators.

The Nation gathered that Lemo was invited in a letter dated December 24, 2023, and signed by the head of operations, office of the special investigator.

The special investigator had in his report alleged that some persons were used as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire Union Bank.

Obazee, who was appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.

In two separate reports on the acquisition of UBN and Keystone Bank submitted to President Bola Tinubu last Wednesday, the Special Investigator also alleged that Emefiele used proxies to acquire Keystone Bank without evidence of payment, the Special Investigator, DCP Eloho Okpoziakpo.

However, Lemo insisted that the establishment of TTBand the subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.

In furtherance of the investigation into the UBN deal, and in response to Lemo’s defence, the investigator in the letter titled, ‘RE: CBN investigation activities: Invitation for a follow-up meeting with the Special Investigator,’ took the TTB chairman to task on his defence.


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