The President Bola Ahmed Tinubu appointed Special Central Bank of Nigeria (CBN) Investigator, Jim Obazee, has summoned the Chairman of Titan Trust Bank, Babatunde Lemo, to answer questions relating to the controversial acquisition of Union Bank of Nigeria Plc by TTB.
VOP News gathered that the TTB chairman, a former deputy governor of the CBN, was directed to report at the Department of Force Intelligence, Abuja and is expected to be questioned over the UBN acquisition.
Lemo was further instructed to come along with the promoters of TTB, to meet with the team of special Investigators.
According to The PUNCH, Lemo was invited in a letter dated December 24, 2023, and signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo.
The 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 to the Presidency on December 20, 2023.
You will recall that in two reports on the acquisition of UBN and Keystone Bank submitted to President Bola Tinubu last Wednesday, Obazee alleged that Emefiele used proxies to acquire Keystone Bank without evidence of payment.
Defending the purchase of Union Bank in an interview with newsmen, Lemo said the acquisition of the bank followed due process and met all regulatory requirements, including that of the Securities and Exchange Commission and the Central Bank of Nigeria.
He insisted that the establishment of Titan Trust Bank and the subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.