Nigeria CBN Investigator Rejects Titan Trust Bank's Delay in Union Bank Probe

In a dramatic turn of events in the ongoing Union Bank controversy, Jim Obazee, the Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN), has unequivocally rejected a plea by Titan Trust Bank (TTB) Chairman, Tunde Lemo, and two major investors to postpone their appearance until the second week of January 2024.

The summons, issued on December 24, required Mr. Lemo, Cornelius Vink, and Rahul Savara to appear before investigators on Thursday to address concerns related to TTB's acquisition of Union Bank in 2022. Obazee's report, submitted to President Tinubu on December 20, alleged that former CBN Governor Godwin Emefiele used ill-gotten wealth to acquire Union Bank and Keystone Bank through proxies.

Despite Mr. Lemo's denial of the acquisition allegations, the Special Investigator's office called for further clarification from the former deputy governor of the CBN and the two investors.

In a letter dated December 27, a law firm representing TTB and Union Bank informed the investigator that the three men were currently outside the country, requesting a rescheduled appointment in the second week of January 2024. The firm emphasized the willingness of the individuals and banks to cooperate fully with the investigation.

However, through a swift response on the same date, the Special Investigator insisted on the scheduled meeting and warned of consequences if the trio failed to honor the invitation. The response highlighted that the excuse of being abroad for family reasons was deemed unacceptable and tantamount to obstruction of the investigation.

The investigator's letter further clarified that documents submitted through proxies would not be accepted, and all three individuals must speak to the documents and information during the meeting. The invitation to appear before the Special Investigator on December 28, 2023, at 2 pm remained in effect, with potential consequences outlined for non-compliance.

This latest development intensifies the stakes in the Union Bank controversy, as the CBN investigator stands firm against requests for a delay, setting the stage for a crucial meeting that could have far-reaching implications for Titan Trust Bank and Union Bank. As the deadline approaches, the financial and legal communities eagerly await the outcome of this high-profile investigation.