The Chairman of Titan Trust Bank, Babatunde Lemo, is expected to appear before the CBN investigation panel led by Jim Obazee, the special CBN investigator, in connection with the acquisition of Union Bank of Nigeria Plc by TTB, News About Nigeria reports.
In a letter dated December 24, 2023, and signed by the Head of Operations, Office of the Special Investigator, DCP Eloho Okpoziakpo, the former deputy governor of the Central Bank of Nigeria, was directed to report to the Department of Force Intelligence on Thursday in Abuja, where he is expected to be questioned over the UBN acquisition.
Recall that Obazee, in his report, alleged that some people were used as proxies by the former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire Union Bank.
In response to Obazee’s claim, Lemo maintained that due processes were followed before the bank was acquired and all regulatory requirements were met, including those of the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria.
He noted that there was transparency in the acquisition and establishment of the Titan Trust Bank and the subsequent acquisition of Union Bank, and all were duly verified by the relevant regulatory bodies.
In a letter titled, ‘RE: CBN investigation activities: Invitation for a follow-up meeting with the Special Investigator,’ which took the TTB chairman to task on his defence, Obazee stated that Lemo and his group have been evading summons.
He noted that Lemo has refused to honour the invitation to meet or provide relevant documents.
