The special investigator panel probing the Central Bank of Nigeria (CBN) and its associates has turned its spotlight on Titan Trust Bank (TTB), summoning its chairman, Babatunde Lemo, and its major shareholders to answer questions related to the bank’s acquisition of Union Bank of Nigeria (UBN).
The summons, delivered in a letter dated December 24, 2023, and signed by Eloho Okpoziakpo, paints a picture of escalating scrutiny surrounding the deal. Cornelius Vink and Rahul Savara, key figures in TTB’s ownership structure, have also been called to appear alongside Lemo.
The letter, penned by Jim Obazee, head of the special investigator team, cuts to the chase, demanding the presence of the invited officials by 2 pm on December 28, 2023, at the Department of Force Intelligence (DFI). While the specific details of the inquiry remain under wraps, the timing, just days after Christmas, and the choice of venue – a security agency known for its investigative prowess – suggest a serious and urgent matter at hand.
This development injects a fresh dose of intrigue into the already complex saga of the UBN acquisition. Questions have swirled around the deal since its announcement, with concerns raised about transparency, potential conflicts of interest, and adherence to regulatory protocols.
Lemo, a former CBN deputy governor and respected banker, has been at the center of the storm. His reputation and past association with the apex bank lend further weight to the probe, raising the stakes for both TTB and its chairman.
Questions Abound:
Analysts and industry insiders point to several key areas that could be under scrutiny:
• Valuation Concerns: The UBN acquisition price has been a subject of debate, with some questioning whether it accurately reflected the bank’s true value. The panel could be investigating potential undervaluation or insider trading.
• Regulatory Approval: The speed and apparent ease with which the CBN approved the acquisition raised eyebrows, prompting speculation about potential influence peddling or undue pressure on regulatory bodies.
• Shareholder Transparency: The identities and motives of Vink and Savara, the major TTB shareholders, remain somewhat unclear. The panel may seek to shed light on their role in the deal and potential connections to any vested interests.
Next Steps:
With the summons issued just before the holidays, the coming days promise to be eventful in the Nigerian banking scene. The panel’s investigation is likely to attract intense media scrutiny and public interest, as the fate of a major bank acquisition hangs in the balance.
The CBN probe has taken a significant step towards Titan Trust Bank, and the answers it seeks could reshape the Nigerian banking landscape.
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