CBN Investigator Fires Titan Trust, Union Banks Investors, Threatens FG Takeover

The Special Investigator probing the activities of the Central Bank of Nigeria (CBN) and Other Related Entities, Jim Obazee, has rejected an excuse by the Chairman of Titan Trust Bank Limited, Tunde Lemo, and two others not to appear for interrogation.

Naija News reports that the other invitees are the two largest ultimate investors in Titan Trust Bank Limited and Union Bank Plc, Cornelius Vink and Rahul Savara.

Recall that Obazee had given the trio today’s deadline to explain how they owned Titan Trust Bank and sourced $ 500 million to acquire the Union Bank.

But barely 24 hours to their appearance before the Special Investigator in Abuja, they wrote through their lawyer that they would not be able to honour the invitation due to family reasons.

In a letter on Wednesday, Titan Trust Bank and Union Bank Plc (UBN), through their counsel, Gbolahan Elias, asked the Special Investigator to give his clients more time.

Reacting in a letter to the investors, Obazee accused Lemo and the two major investors of alleged obstruction of his assignment.

He threatened to recommend to the CBN to ask the Federal Government to take over the two banks.

According to Obazee, documents submitted through proxies shall not be accepted.

Obazee alleged that Lemo was in the United Kingdom to celebrate his birthday.

In the letter addressed to Lemo through the Acting Managing Director, Titan Trust Bank (TTB), Obazee faulted the three invitees in a December 27, 2023 letter through the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo.

The letter reads in part: “Reference is made to the Law Firm of G.ELIAS letter dated 27th December 2023 in response to the Special Investigator’s invitation to you via a letter with reference number CR:3000/TSI/ABJ/VOL.1/69 dated 24th December 2023 in respect of the above subject.

“I am directed to inform you that the Special Investigator is fully aware that you are in the United Kingdom to celebrate your birthday. This you made aware to the Special Investigator when you agreed to attend a meeting to be scheduled for 28 December 2023 and also proposed that Mr. Cornelius Vink and Rahul Savara be given 7 (seven) days to prove their purported ownership of Titan Trust Bank and Union Bank of Nigeria or forfeit the shares to the Federal Government of Nigeria.

“Accordingly, this excuse given by your good selves through your lawyers is unacceptable and regarded as obstruction of the Special Investigator in the course of his duties.”

The letter added: “We want to put it on record that neither you (Babatunde Lemo) nor Cornelius Vink nor Rahul Savara ever submitted any of these requested documents to the investigating team at Department of State Service (DSS) or anywhere else before now.

“In fact, Cornelius Vink and Rahul Savara have never presented themselves to the Special Investigator since 28th August 2023 when they were first invited for interview.

“The Special Investigator also directs that you should be informed that documents submitted through proxies shall not be accepted as Mr. Cornelius Vink, Mr. Rahul Savara, and your good self will be required to speak to whatever document(s)/information you present during the meeting.

“Consequently, I am to further inform you that your invitation to appear before the Special Investigator on 28 December 2023 by 2 pm prompt in respect of the matter under investigation and for which you had earlier made statement stands.

“Kindly note that the conditions on paragraphs 6 to 8 in our earlier letter to you with reference number CR:3000/TSI/ABJ/VOL. 1/69 dated 24th December 2023 remain effective and shall be triggered if you or Messrs Vink and Savara fail to attend the meeting as scheduled.

“Accept, please, the warm assurances of the Special Investigator’s high esteem.”