The Special Investigator at the Central Bank of Nigeria’s Office denies Titan Trust Bank Limited Chairman Babatunde Lemo’s request to postpone the meeting with investigators from December 28, 2023, to January 7.
The investigator cautioned that the nonattendance of Babatunde Lemo and other prominent stakeholders from Titan Trust Bank (TTB) at today’s meeting could result in the forfeiture of their shares and interests in both Titan Trust Bank and Union Bank Nigeria Plc.
This warning was communicated in a letter addressed to the TTB chairman, dated December 27, 2023, and endorsed by Eloho Okpoziakpo, a Deputy Commissioner of Police and Head of Operations at the Office of the Special Investigator.
The letter was a response to a request from Lemo’s legal representative to reschedule today’s meeting to January.
The investigator also rejected a suggestion from Lemo proposing that the primary shareholders of Titan Trust Bank, Mr. Cornelius Vink and Rahul Savara, be given a seven-day period to substantiate their alleged ownership of TTB and Union Bank of Nigeria. Failure to provide proof within the stipulated timeframe would result in the forfeiture of their shares to the Federal Government.
Special Investigator Jim Obazee had summoned Lemo, a former deputy governor of the Central Bank of Nigeria, in connection with Titan Trust Bank’s acquisition of Union Bank of Nigeria Plc. The TTB chairman received instructions to appear at the Department of Force Intelligence near the Force headquarters on Shehu Shagari Way, Abuja, today (Thursday). During this meeting, he will undergo questioning by a team of detectives conducting an investigation into the UBN acquisition.
Lemo was further directed to bring Vink and Savara along for the meeting with the team of special investigators.
In his investigative findings, Obazee asserted that certain individuals acted as proxies on behalf of a former CBN governor, Godwin Emefiele, to establish Titan Trust Bank and procure Union Bank, both funded by unlawfully acquired wealth.
However, in a letter dated December 27 and sent by his lawyer G. Elias, Lemo requested a rescheduling of the meeting with investigators, citing his absence from Nigeria.
The letter, which was signed by Prof. Gbolahan Elias, SAN, read 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 investigator dismissed the request for a postponement of the meeting with the TTB major shareholders, noting that Lemo had earlier agreed to attend today’s meeting.
The letter noted, “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.
“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 28th December 2023 and also proposed that Mr Cornelius Vink and Rahul Savara be given 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.
“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 the Department of State Service 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 informed the TTB chairman that documents submitted through proxies will 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.”
The letter added, ‘’Consequently, I am to further inform you that your invitation to appear before the Special Investigator on 28th December 2023 by 2pm 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.”
Obazee, appointed as the special investigator in July 2023, presented his conclusive report titled “Report of the Special Investigation on CBN and Related Entities (Chargeable Offences)” to the Presidency on December 20.
In two distinct reports concerning the acquisition of UBN and Keystone Bank, submitted to President Bola Tinubu on the same date, Obazee also disclosed that Emefiele employed proxies to obtain Keystone Bank without substantiated evidence of payment.