Babatunde Lemo, the Chairman of Titan Trust Bank Limited, requested that the meeting with investigators on December 28, 2023, be rescheduled for January 7. However, the Office of the Special Central Bank of Nigeria Investigator denied his request.
The investigator issued a warning, stating that Lemo and other significant TTB shareholders might renounce their stakes in Titan Trust Bank and Union Bank Nigeria Plc in the event that they fail to show up for today’s meeting.
This was stated in a letter dated December 27, 2023, which was signed by Eloho Okpoziakpo, a deputy commissioner of police, who serves as the head of operations for the Office of the Special Investigator.
The letter was written in response to one from Lemo’s attorney asking that the meeting be postponed until January.
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The investigator also rejected a suggestion from Lemo that Mr. Cornelius Vink and Rahul Savara, the two main shareholders of Titan Trust Bank, be given seven days to demonstrate their rightful ownership of TTB and Union Bank of Nigeria, failing which they surrender their interests to the federal government.
Lemo, a former deputy governor of the Central Bank of Nigeria, was called by Special Investigator Jim Obazee in relation to TTB’s acquisition of Union Bank of Nigeria Plc.
The TTB chairman was instructed to report on Thursday (today) to the Department of Force Intelligence, which is located across from the Force headquarters, Shehu Shagari Way, Abuja. There, a group of detectives investigating the UBN transaction will question him.
Lemo was also told to accompany Vink and Savara to their meeting with the special investigators.
According to Obazee’s investigative report, Godwin Emefiele, a former governor of the Central Bank of Nigeria, employed a few people as proxies to establish Titan Trust Bank and buy Union Bank using money that was obtained illegally.
But because he was out of Nigeria, Lemo asked for a change in the time of the meeting with the investigators in a letter written on December 27 by his attorney, G. Elias.
“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,” the letter, which was signed by Prof. Gbolahan Elias, SAN, stated.
That is usually the case at this time of year. Before the second week of January 2024, they are not expected to arrive in Nigeria. As soon as they arrive, they will totally accept the invitations.
In reference to the requested material, which we previously provided to the DSS Headquarters on September 1, 2023, as shown in Annex 1 thereto, we will resubmit the material for your kind consideration tomorrow morning. Both the Banks and the individual invitees reiterate their readiness and desire to engage with your good selves on this crucial task.
Lemo had already committed to attending today’s meeting, thus the investigator rejected the request to postpone the meeting with the big shareholders of TTB.
The letter said, “Reference is made to the G.ELIAS law firm letter of December 27, 2023 in response to the invitation you received from the Special Investigator by letter CR:3000/TSI/ABJ/VOL.1/69 dated December 24, 2023.
It is directed that I notify you that the Special Investigator is well aware that you are celebrating your birthday in the United Kingdom. You informed the Special Investigator of this when you consented to attend a meeting set for December 28, 2023, and when you suggested giving Mr. Cornelius Vink and Rahul Savara seven days to demonstrate their claimed ownership of Titan Trust Bank and Union Bank of Nigeria, or relinquish the shares to the Nigerian Federal Government.
“Therefore, this justification offered by your good selves via your solicitors is not acceptable and is considered to be an impediment to the Special Investigator’s performance of his duties.
We would like it to be known that prior to today, neither Rahul Savara, Cornelius Vink, or you, Babatunde Lemo, have ever turned in any of the requested documents to the Department of State Service’s investigative team.
“In actuality, since their initial interview invitation on August 28, 2023, Cornelius Vink and Rahul Savara have never appeared before the Special Investigator.”
Documents supplied through proxies will not be allowed, the Special Investigator told the TTB chairman, “because 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.”
Consequently, I am to further inform you that your invitation to appear before the Special Investigator on December 28, 2023, by 2 p.m. prompt, regarding the topic under investigation, regarding which you had previously made a statement, remains valid, the letter continued.
“Please take note that the terms on paragraphs 6 through 8 in our previous letter to you, 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 Messrs. Vink and Savara or you do not show up for the meeting at the appointed time.”
After being named a special investigator in July 2023, Obazee turned in his final report to the presidency on December 20 under the title “Report of the Special Investigation on CBN and Related Entities (Chargeable Offences)”.
Obazee further disclosed that Emefiele utilised proxies to acquire Keystone Bank without providing proof of payment in two different papers on the acquisition of UBN and Keystone Bank that were given to President Bola Tinubu on December 20.
