Nigeria Special Panel Summons Ex-CBN Deputy Governor Over Union Bank Acquisition

In a significant development, the Special Investigation Panel on the Central Bank of Nigeria (CBN) has issued a summons to Babatunde Lemo, the Chairman of Titan Trust Bank (TTB), regarding the acquisition of Union Bank of Nigeria.

Lemo, a former CBN deputy governor, has been summoned alongside two other purported shareholders, Cornelius Vink and Rahul Savara. The summons, addressed to Lemo by the Head of the investigation team, Jim Obazee, mandates their appearance at the Department of Force Intelligence on Thursday, December 28, 2023.

They are required to bring all relevant documents to substantiate their shares in the bank. The letter warns that failure to attend the meeting and provide the requested documents may lead to the forfeiture of their purported shareholdings in both TTB and Union Bank of Nigeria.

This development comes amidst a backdrop of a contentious takeover, as Titan Trust Bank acquired Union Bank in December 2021, formalizing the deal six months later with Lemo as the chairman. Obazee, appointed as CBN Special Investigator by President Bola Tinubu, had previously implicated ex-CBN governor Godwin Emefiele in a report, alleging the use of proxies to establish two financial institutions.

The summoned individuals are now thrust into the center of a legal inquiry that could reshape the financial landscape.