Titan Trust Bank Limited Chairman Babatunde Lemo requested to reschedule the meeting with investigators for December 28, 2023, to January 7. However, the Office of the Special Central Bank of Nigeria Investigator denied his request.
The investigator issued a warning, stating that the forfeiture of Lemo’s and other significant TTB shareholders’ interests in Titan Trust Bank and Union Bank Nigeria Plc may result from their failure to attend today’s meeting.
Eloho Okpoziakpo, a deputy commissioner of police, who serves as the head of operations for the Office of the Special Investigator, signed a letter dated December 27, 2023, to the TTB chairman that contained this information.
The letter was a response to one that Lemo’s attorney had sent asking for today’s hearing to be postponed until January.
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Lemo’s suggestion that the two main shareholders of Titan Trust Bank, Mr. Cornelius Vink and Rahul Savara, be given seven days to demonstrate their rightful ownership of TTB and Union Bank of Nigeria, or risk having their shares repossessed by the federal government, was also rejected by the investigator.
Jim Obazee, the Special Investigator, had called Lemo, a former deputy governor of the Central Bank of Nigeria, regarding Union Bank of Nigeria Plc’s takeover by TTB.
A team of detectives investigating the UBN acquisition will question the TTB chairman on Thursday (today) when he reports to the Department of Force Intelligence, which is located across from the Force headquarters on Shehu Shagari Way, Abuja.
Lemo was further told to accompany Vink and Savara to the special investigators’ meeting.
In his investigative report, Obazee claimed that Godwin Emefiele, a former governor of the Central Bank of Nigeria, had employed a few people as proxies to establish Titan Trust Bank and purchase Union Bank, both of which were funded by illicit riches.
Lemo, however, asked for a change in the time of the meeting with investigators as he was out of Nigeria in a letter written on December 27 by his attorney, G. Elias.
Prof. Gbolahan Elias, SAN signed the letter, which said, in part, “Unfortunately, Mr. Tunde Lemo and the two biggest ultimate investors in the banks, Mr. Cornelius Vink and Mr. Rahul Savara, are now not in Nigeria due to family matters and other reasons.
This is usually the case throughout this season of the year. They are not expected in Nigeria before January 2024’s second week. As soon as the invitations arrive, they will totally accept them.
We shall resubmit the material for your kind evaluation tomorrow morning with relation to the information that was originally requested and submitted by us to the DSS Headquarters on September 1, 2023, as shown in Annex 1 thereto. The invitees individually and the Banks reiterate their readiness and desire to work together with your good selves on this important project.
The investigator denied the request to postpone the meeting with the key shareholders of TTB, pointing out that Lemo had already committed to coming to the meeting today.
In response to the Special Investigator’s invitation to you via letter with reference number CR:3000/TSI/ABJ/VOL.1/69 dated December 24, 2023, the legal firm G.ELIAS is mentioned in a letter dated December 27, 2023.
It has been directed to me to let you know that the Special Investigator is fully aware of your birthday celebration in the United Kingdom. When you consented to attend a meeting set for December 28, 2023, you informed the Special Investigator of this. You also suggested giving Mr. Cornelius Vink and Rahul Savara seven days to demonstrate their claimed ownership of Titan Trust Bank and Union Bank of Nigeria, failing which they would forfeit the shares to the Nigerian Federal Government.
As a result, this justification provided by your good selves via your solicitors is not acceptable and is thought to be an attempt to prevent the Special Investigator from carrying out his duties.
“We would like it to be noted that prior to now, neither you (Babatunde Lemo) nor Rahul Savara nor Cornelius Vink have ever sent any of the necessary documents to the Department of State Service’s investigative team.
Despite being invited for an interview on August 28, 2023, Cornelius Vink and Rahul Savara have never appeared in person before the Special Investigator.
The TTB chairman was notified by the Special Investigator that materials supplied through proxies will not be accepted since you, Mr. Cornelius Vink, Mr. Rahul Savara, and yourself will need to speak about the document(s) or information you present during the meeting.
In light of the investigation, the letter went on, “Therefore, I am to further inform you that your invitation to appear before the Special Investigator on December 28, 2023, by 2pm prompt, regarding the matter regarding which you had previously made a statement, stands.”
We would like you to take note that the terms mentioned in paragraphs 6 through 8 of our previous letter, dated December 24, 2023, with reference number CR:3000/TSI/ABJ/VOL. 1/69, are still in place and will come into play if either you or Messrs. Vink and Savara are unable to attend the meeting on time.
On December 20, Obazee—who was appointed special investigator in July 2023—sent the presidency his final report, which was titled “Report of the Special Investigation on CBN and Related Entities (Chargeable Offences).”
In two distinct reports on the purchase of UBN and Keystone Bank that Obazee gave President Bola Tinubu on December 20, it was also disclosed that Emefiele had acquired Keystone Bank through proxies without providing proof of payment.
