Following their inability to honour the invitation of the Special Investigation Team probing the activities of the Central Bank of Nigeria (CBN) on the 27th of December 2023, the trio of Babatunde Lemo, former Deputy Governor of central Bank of Nigeria ( CBN) and also chairman of Titan Trust Bank and two others may risk forfeiting their shares in both Titan Trust Bank and Union Bank Nigeria
The other two are Rahul Savara, and Cornelius Vink who were expected to appear before the team along with Mr. Babatunde Lemo on the 27th of December but failed to turn up. They were invited via a December 24th letter to appear before the team of the Special Investigator on December 28th for a follow-up meeting on the investigation of the two banks.
Instead of them appearing before the Team, their counsel, G-Elias, in a letter that InsideBusinessNG sighted, excused the trio from the December 28th meeting, citing their absence from the country.
G-Elias in the letter signed by Professor Gbolahan Elias SAN, said the trio of Babatunde Lemo, Cornelius Vink and Rahul Savara are away from the country and cannot return to Nigeria before the second week in January 2024.
The letter addressed to the Team of Special Investigator, (The “Team”) and attention DCP Eloho Ekpoziakpo, titled Re:CBN Investigation activities: following up meeting with Special Investigator,” stated that: “ We are lawyers to Titan Trust Bank Limited and Union Bank. We respectfully have their instruction to write this letter in respect of the invitations in your letter to TTB dated December 23, 2023.
“Unfortunately, both Lemo and the two largest ultimate investors in the banks, Cornelius Vink, and Rahul Savara, are away from Nigeria at the moment for family and other reasons. That is typically so at this time of the year. They are not due to be in Nigeria before the second week of January 2024. They will honour the invitations fully as soon as they come in.”
The letter of invitation from the Special Investigator team stated: “Should you (Lemo) also refuse to attend the meeting to provide 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 which has gained wide publicity in both electronic and print media”, stated the December 24th invitation to the trio of Lemo, Savara and Vinks.
The trio were requested to appear with the documentation that led to the licensing of Titan Trust Bank and the acquisition of controlling shareholding of Union Bank of Nigeria by Luxis and Magna, proof of funds, international verifiable bank statements (From the incorporation of the entities to date) and the shareholders that gave interest-free loans to the two entities separately (name, nationality, source, of the fund, proof of such funds, bank statements) as well as the relationship of the entities with Andrew Chukwudi Ojei, Jerome Olagunju Shogbon, Rahul Savara, Winston Odeh, Adaeze Udensi, Ekene Samuel Loius, Godwin Emefiele, Macombe Omoile, Tunde Lemo, Mudasir Amry, Faruk Gumel, Oluremi Oni, Vink Corporation Middle Est FCZ (together with the details of the shareholder that also gave Vink Corporation interest-free loan.
They are also to provide details of how Trust receipts from (Standard Chartered Bank), Zenith Nigeria Plc, and Zenith Bank (UK) were involved in the entire arrangement and also, the minutes of the board meetings, copy of the audited financial statements and management letter that arose from the audit of the financial statements of the two entities listed in (1) above as well as those of TTB and UBN from 2018 to date.