The Special Investigator investigating the Central Bank of Nigeria, CBN, Jim Obazee has warned the Chairman of Titan Trust Bank, Tunde Lemo that he stands forfeiting his shares in the bank if he fails to appear before it today.
Lemo, a former Deputy Governor of the CBN, and two other shareholders of the bank were summoned by the Investigator earlier in the week, to explain the role they played in the acquisition of Union Bank Plc.
The Source magazine had reported that Obazee, in the report he submitted to President Bola Ahmed Tinubu on December 20, stated that the sale of UBN Plc to Titan TTB was fraudulent, the investigator also recommended that the sale be reversed.
The report said, ‘’When we carried out investigation, we discovered that some persons were used as proxies by Mr Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.
‘’We were able to secure some documents and investigation reports will lead to the forfeiture of the two banks to the Federal Government. We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr Cornelis Vink (that is currently hospitalised in Switzerland).
‘’Otherwise, we are on the verge of recovering these two banks for the Federal Government,’’ Obazee claimed in his letter.
But in a letter to the Investigator, Lemo, a former chief executive of Wema Bank Plc had asked that he be allowed until January 7 to appear before it.
The letter signed by his counsel Prof. Gbolahan Elias, SAN, said in part, “Unfortunately, both Mr Tunde Lemo and the two largest ultimate investors in the banks (Mr. Cornelius Vink; Mr. Rahul Savara) are away from Nigeria at the moment for family and other reasons.
“That is typically so at this time of the year. They are not due to be in Nigeria before the second week in January 2024. They will honour the invitations fully soon after they come in.
“With regard to the information requested, which we submitted earlier on 1st September 2023 at the DSS HQ as evidenced in Annex 1 therewith, we will resubmit the information tomorrow morning for your kind review. The individual invitees and the Banks re-iterate their willingness and readiness to co-operate with your good selves in your important work.”
The letter was rejected by the Investigator who insist that Lemo and two invitees from TTB must appear on Thursday. Failure to do so, the investigator said would lead to the forfeiture of their shares.
In his response to Lemo’s request that he be given seven days to appear, the investigator said: “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.”
President Bola Ahmed Tinubu had on July 30, President Tinubu appointed Obazee, a former chief executive of the Financial Reporting Council of Nigeria, FRC, to probe the Emefiele-led CBN.
Barely a week ago, the Investigator submitted a damning report exposing serious malfeasance in the apex bank, including the sale to UBN Plc to TTB.
Obazee claimed in the report that Emefiele used “ill-gotten” wealth and proxies to set up TTB, which he used as a vehicle to acquire UBN Plc, one of Nigeria’s oldest banks.
