Titan Trust Bank (TTB) has reacted with several posers to the summon extended to its Chairman, Tunde Lemo; and two major investors: Cornelius Vink and Rahul Savara, by Jim Obazee, the Special Investigator appointed by President Bola Tinubu to probe the tenure of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Obaze had in a letter to Lemo, a former Deputy Governor of the CBN, directed him to appear on December 28, 2023, according to a report by The Eagle Online.
The letter of summon, signed by the Head of Operations, Office of the Special Investigator and Deputy Commissioner of Police, Eloho Okpoziakpo, and dated December 24, 2023, said: “Please refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self issued in Punch newspapers, on behalf of TTB which you chair, as well as the email you sent to the Special Investigator today wherein you tried to provide clarification on your reaction to the report on TTB. The defence seems contrary to the statements, made under caution, by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service (DSS) in August 2023.
“In the said newspapers, you referred to both Cornelius Vink and Rahul Savara as ‘prominent global entrepreneurs and having thriving businesses in Nigeria….’ In your email as well as your earlier discussion with the Special Investigator, you suggested that both of them be invited to provide clarification on their share ownership and given seven days to make such clarification; failure which they will forfeit their shares to the Federal Government of Nigeria.
“We are surprised at your request with regard to these two shareholders. They were given this opportunity via a letter to them dated 28th August 2023 (copy attached as Appendix 1). Instead of honouring the invitation and providing the requested documents, we received a letter from the Company Secretary of Union Bank Somuyiwa Sonubi, dated 1st September 2023, informing the Special Investigator that Mr Cornelius Vink was out of the country on medical grounds and that both ‘Messrs Vink and Savara will be available for the meeting as soon as they are in Nigeria which will be soon’ (copy attached as Appendix 2). Up until this offensive defence that you put in the public domain, the Special Investigator has neither heard from them nor received the requested documents.
“Accordingly, you are hereby invited to come along with Messrs Cornelius Vink and Mr Rahul Savara to meet with the Team of Special Investigators by 2 p.m. on 28th December 2023 at the Department of Force Intelligence DFI), Opposite Nigeria Police Force Headquarters, Shehu Shagari Way, Area 11, Garki, Abuja; without fail or excuse.
“Kindly note that if Messrs Cornelius Vink and Rahul Savara refused to attend this meeting and provide/defend the requested documents/information, it will be construed that they have decided to forfeit their purported shareholdings in TTB and Union Bank of Nigeria; irrespective of which vehicle that they are using to own the purported shares.
“Should you also refuse to attend the meeting to provide an additional statement to your earlier statement made in August 2023, it will be construed that you misled the Nigerian public with your reaction in the Punch Newspapers today which has gained wide publicity in both electronic and print media.
“This invitation is to further ensure that it is beyond reasonable doubt that the Federal Government of Nigeria has given you a fair hearing.
“Accept the assurances of the utmost regards of the Special Investigator.”
However, in an opinion article on the development, an obvious insider in the acquisition process of Union Bank by Titan Trust Bank, Azubike Ugwu, provided insights into the deal.
In the opinion article, published elsewhere on this news website: https://t.co/nvIyX3p56p, Ugwu urged Obaze to show transparency with his claims that Emefiele used intermediaries to acquire Union Bank.
He said it will prudent for Obaze to remember that rather than “this media trial that he has embarked on, the burden of proof lies on him who asserts”.
The insider issued a poser: “If the Special Investigator believes that Mr Godwin Emefiele owns the bank as he has alleged, why hasn’t he provided any evidence after such a lengthy investigation?
“Why did the Special Investigator go to the media instead of taking the usual investigative or legal route?
“Is this an attempt to create negative publicity for the banks, TGI and personalities involved without presenting any evidence?”
Ugwu questioned the powers Obaze is arrogating to himself against legal means of addressing the entire issues concerning the summons and threats that the investors should be ready to forfeit their funds if they failed to present enough evidence to prove their case.
He added: “Is the Special Investigator suggesting that the government is willing to face significant consequences by seizing private investments, especially when the nation is actively trying to attract foreign investments?
“It is prudent for Mr Obaze to remember that rather than this media trial that he has embarked on, affirmanti non neganti incumbit probation – the burden of proof lies on him, who asserts.”
The insider noted that a lot of caution is needed not to injure the business interest of the investors, whose source of funding the purchase of the foremost bank is “genuine and verifiable”.
Ugwu said: “Contrary to these allegations, documents availed necessary parties indicate that payment for Union Bank shares was indeed made, raising questions about the accuracy of claims suggesting non-payment and highlighting the importance of verifying such financial transactions.
“Titan Trust Bank’s chairman, Mr Tunde Lemo, has strongly refuted the allegations made by the special investigator, providing details and names that can confirm the transparency and integrity of the transaction.
“Drawing parallels, it’s akin to questioning a transaction’s legitimacy while the receipts stand as concrete evidence.
“The news of Mr. Lemo being summoned by the special investigator once again has been making waves in the business community.
“The investigator has written a letter in reaction to the rebuttal made by Titan Trust Bank.
“The letter stated that Mr Lemo and TTB’s rebuttal was offensive.
“The letter is filled with many allegations, and it has raised questions about the independence and bias of the investigation.
“Many wonder whether Mr Obaze is singling out Mr Lemo for unknown offences or if the investigation is truly unbiased and objective.
“It is important to note that Mr. Lemo is a respected figure in the business community, and many have lauded his efforts.
“He has always been known for his dedication and hard work.
“Therefore, the allegations made against him have come as a surprise to many.”
The Eagle Online was told that the Special Investigator had on August 28, 2023 invited Vink and Savara for an “interaction”.
The letter, signed on behalf of Obaze by Dr. Reuben Ojogbe, told Vink to appear with Savara in person.
It said: “You are to come along with Mr. Rahul Savara (in person) along with the requested documents to the National Headquarters of the Department of State Services (DSS) in Abuja by 4pm on Friday, 1st September 2023 for interaction in connection with this investigation.”
Among the documents requested for were details of Luxis International DMCC, Magna International DMCC, details that led to the licensing of Titan Trust Bank and acquisition of controlling shareholding in Union Bank by the companies.
They were also requested to provide the details of the shareholder who gave interest-free loans to the two entities for the acquisition as well as the relationship with Andrew Chukwudi, Jerome Olagunju Shogbon, Savara, Lemo, Emefiele, Winston Odeh, Mudassir Amry and Oluremi Oni among others.
Also to be provided are minutes of the Board meetings, copy of audited financial statements and management letter that arose from the audit of the financial statements.
In response to the letter, dated September 1, 2023, the Company Secretary, Somuyiwa Sonubi, with a letter head with the logo of Union Bank, said Vink was out of the country, promising that as soon as he returns, he will honour the summons with Savara.
Sonubi said: “Furthermore, and with all due respect to your office, we wish to inform you that Mr. Cornelius Vink is currently out of the country on medical grounds.
“Given the short notice period in the said letter and Mr. Vink’s medical condition, he is unable to make the appointment as proposed and craves your indulgence in this regard.
“Please find attached Mr. Vink’s medical report for your kind review.
“Messrs. Vink and Savara will be available for the meeting as soon as they are in Nigeria which we hope will be soon.”
