• Wed. May 22nd, 2024


We Break the News

Former CBN Top official, Others Query over the Acquisition of Union Bank

Titan Trust Bank Chairman, Babatunde Lemo, along with shareholders Cornelius Vink and Raul Savara, has been invited by Central Bank of Nigeria (CBN) Special Investigator Jim Osayande Obazee regarding the controversial 2022 acquisition of Union Bank of Nigeria, with potential consequences if the invitation is not honored, amid conflicting claims about the $500 million transaction.

Babatunde Lemo, and two others shareholders – Mr. Cornelius Vink and Mr. Raul Savara got invited by the Special Investigator on CBN, Mr. Jim Osayande Obazee, over the controversial 2022 acquisition of Union Bank of Nigeria.

Lemo, who was CBN deputy governor between 2004 and 2014, is expected to appear with the shareholders for further grilling on Thursday.

It was learnt that the big stick might be wielded should those invited fail to honour the invitation to enable the investigator to unravel other details on the $ 500 million acquisition of Union Bank by Titan Trust Bank (TTB).

A conglomerate, the Tropical General Investment Group (TGI), on Sunday, said the USD500 million capital used to pay for the transaction was transparent and unimpeachable.

TGI insisted that it is the majority owner of TTB and Union Banks.

However, Obazee and his team of crack detectives alleged that their findings proved otherwise.

By News Editor

Our News Editor, Muyiwa is an information management expert and Development Blogger with more than a decade experience in investigative reporting and journalism. He is passionate about human angle stories to all social issues in Nigeria and Africa.