Panel Summons Tunde Lemo Over Union Bank Acquisition

Panel Summons Tunde Lemo Over Union Bank Acquisition

The Special Investigation Panel concerning the Central Bank of Nigeria (CBN) has issued a summons to Titan Trust Bank (TTB) Chairman, Babatunde Lemo, regarding the Union Bank of Nigeria acquisition.

Lemo, a former deputy governor of the CBN, is called to appear alongside two purported shareholders, Cornelius Vink and Rahul Savara.

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A communication from the Head of the investigation team, Jim Obazee, directed Lemo and the others to present themselves on Thursday, December 28, 2023, at the Department of Force Intelligence, with no room for failure or excuse.

The letter, dated December 24, 2023, and signed by the Head of Operations in the Office of the Special Investigator, DCP Eloho Okpoziakpo.

“Accordingly, you are hereby invited to come along with Messrs Cornelius Vink and Mr Rahul Savara to meet with the Team of Special Investigators by 2pm on 28th December 2023 at the Department of Force Intelligence opposite Nigeria Police Force Headquarters, Shehu Shagari Way, Garki, Abuja, without fail or excuse,” the letter partly read.

They were instructed to bring all relevant documents validating their shares in the bank. The letter also stated that if the individuals summoned fail to attend the meeting and provide the “requested documents,” it will be inferred that they have chosen to relinquish their alleged shareholdings in both TTB and Union Bank of Nigeria.

Jim Obazee, appointed as CBN Special Investigator by President Bola Tinubu in July 2023, implicated former CBN governor Godwin Emefiele in his report to the President. The report suggested that the former bank chief allegedly employed proxies to establish two financial institutions.

In December 2021, Union Bank disclosed the takeover by TTB, a bank that commenced operations in 2019 and formalized the deal six months later with Babatunde Lemo as the chairman.

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