The Office of the Special Central Bank of Nigeria Investigator declined a request made by Babatunde Lemo, Chairman of Titan Trust Bank Limited, to reschedule a meeting originally set for December 28, 2023, to January 7.
A letter from the Investigator’s office, dated December 27, 2023, and signed by Eloho Okpoziakpo, Deputy Commissioner of Police and Head of Operations, warned Lemo and other major TTB shareholders that their absence from the scheduled meeting might result in the forfeiture of their holdings and interests in Titan Trust Bank and Union Bank Nigeria Plc.
This response followed Lemo’s lawyer’s request for a postponement of the meeting to January.
Additionally, the Investigator dismissed Lemo’s proposal to grant Mr. Cornelius Vink and Rahul Savara, major TTB shareholders, seven days to substantiate their purported ownership of TTB and Union Bank of Nigeria. Failure to do so, according to Lemo’s suggestion, would mean forfeiture of shares to the Federal Government.
Jim Obazee, the Special Investigator, summoned Lemo, a former Central Bank of Nigeria deputy governor, in connection with Titan Trust Bank’s acquisition of Union Bank of Nigeria Plc.
Lemo was directed to appear before the Department of Force Intelligence near the Force headquarters in Abuja on the scheduled day, where a team of detectives would conduct an inquiry regarding the UBN acquisition. Furthermore, he was instructed to bring Vink and Savara to meet with the special investigative team.
In Obazee’s investigation report, it was alleged that proxies facilitated the establishment of Titan Trust Bank and the acquisition of Union Bank, purportedly through illegitimate means tied to a former CBN governor, Godwin Emefiele.
However, Lemo, via his lawyer G. Elias, in a letter dated December 27, cited being outside Nigeria as the reason for requesting a meeting rescheduling.
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 of 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, who was appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to the Presidency on December 20.
In two separate reports on the acquisition of UBN and Keystone Bank submitted to President Bola Tinubu on December 20, Obazee also revealed that Emefiele used proxies to acquire Keystone Bank without evidence of payment.
