The special investigation panel on the Central Bank of Nigeria (CBN) and related entities has issued summons to Babatunde Lemo, Chairman of Titan Trust Bank (TTB), and major shareholders Cornelius Vink and Rahul Savara. The summons is in connection with the acquisition of Union Bank of Nigeria (UBN) Plc. Dated December 24, 2023, the letter from the Head of Operations, Eloho Okpoziakpo, at the office of the special investigation team, directed the officials to present themselves at the Department of Force Intelligence (DFI) by tomorrow, December 28.
The panel’s recent report had alleged that the former CBN Governor, Godwin Emefiele, used Dubai-based companies Luxis International and Magna International as proxies to establish Titan Trust Bank for the acquisition of Union Bank.
Denying the allegations, Titan Trust Bank insisted that the transaction followed due process, meeting all regulatory requirements, including those of the Securities and Exchange Commission (SEC) and the CBN.
The investigation panel, however, dismissed the bank’s response as an “offensive defense.”
The summons letter addressed to Babatunde Lemo states: “Please refer to your discussion with the Special Investigator earlier today regarding the offensive defense that your good self issued in the media 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. The defense seems contrary to the statements made under caution by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service (DSS) in August 2023.”
The letter further outlines the surprise at the request for clarification from Cornelius Vink and Rahul Savara, stating that the panel had already invited them in a letter dated August 28, 2023. It notes that despite the invitation, there was no response from them, and the offensive defense in the media prompted this renewed invitation.
Babatunde Lemo is required to appear along with Messrs Cornelius and Rahul on December 28, 2023, at the Department of Force Intelligence (DFI), Abuja. The letter instructs them to bring all the requested documents and information outlined in the previous letter dated August 28, 2023, and makes it clear that failure to attend will be construed as forfeiting their purported shareholdings. The letter also warns that refusal to attend will be seen as misleading the public, and this summons is to ensure that the Federal Government of Nigeria has provided a fair hearing.