Babatunde Lemo

The last has not been heard about the investigations going on at the Central Bank of Nigeria. Its former Deputy Governor and the chairman of Titan Trust Bank (TTB), Babatunde Lemo, has been invited by the Special CBN Investigator, Jim Obazee, in connection with the acquisition of Union Bank of Nigeria Plc by TTB.

The panel directed him to show up at the Department of Force Intelligence in Abuja on Thursday, December 28 where he would be questioned over the UBN acquisition.

Promoters of the deal, Messrs Cornelius Vink and Mr Rahul Savara, are, apart from Lemo, to meet with the team of special Investigators.

Lemo was invited in a letter dated December 24, 2023, and signed by the head of operations, office of the special investigator.

The special investigator had in his report alleged that some persons “were used as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire Union Bank.”

Obazee, who was appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.

In two separate reports on the acquisition of UBN and Keystone Bank submitted to President Bola Tinubu last Wednesday, the Special Investigator also alleged that Emefiele used proxies to acquire Keystone Bank without evidence of payment, the Special Investigator, DCP Eloho Okpoziakpo.

However, Lemo insisted that the establishment of TTB and the subsequent acquisition of Union Bank “were transparent and duly verified by the relevant regulatory bodies.”

In furtherance of the investigation into the UBN deal, and in response to Lemo’s defence, the investigator in the letter titled, ‘RE: CBN investigation activities: Invitation for a follow-up meeting with the Special Investigator,’ took the TTB chairman to task on his defence.

The letter read in part: ‘’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 in August 2023.